Important Facts When Buying A Condo/Townhome
When buying into a condo complex, you are entitled to know some facts about the condo/townhouse community. You will need to know the rules and regulations, the finances, who is in charge, and more.
Condo is a style and an ownership. A Condo style is like a ranch home – all rooms are on one level.
Townhouse is a style meaning on two or more levels. A townhouse is a condo ownership.
When you purchase a condo or townhouse, you are also buying into a special type of community with their own rules and regulations, finances, security, and other properties that you should be aware of.
Below is a list of just some of the information that you should be aware of:
1.Name of complex.
2.Management Company contact information.
3.Monthly maintenance changes.
4.Insurance information for the complex. Request insurance company, agent, telephone, and fax numbers.
5.Get copy of rules, regulations, and bylaws. Also find outif there are any pending changes to the rules and regulations?
6.Total or percentage of rented units.
7.Total number of units owner occupied.
8.What is the unit turnover rate?
9.Is complex 100% complete or are there plans for more construction (units, common areas).
10.Does subdivision contain any governmentally regulated low and moderate income housing units?
11.Guest parking spaces.
12.Are pets allowed?
13.Are here any violations of any land-use or government regulation?
14.Are here any environmental factors the complex of individual units?
16.Available funds in Capital Reserve account.
17.Association attorney and contact information.
18.Are there any lawsuits or judgments on the condo association or management company?
19.Is snow shoveling supplied and what is shoveled?
Your Realtor should be able to acquire most if not all of this information without charge. Some information, like the master deed, the management company may charge a fee to duplicate. The seller should have this information.
This article is subject to errors and omissions. It is the responsibility of the buyer or seller to verify all information.