10 Things To Consider When Buying A Condo
1) What exactly do the condo dues include?
2) Is there adequate coverage on the master insurance policy?
3) Does the condo association limit the size of, or prevent you from having pets?
4) Are there any pending special assessments?
5) Will you be able to obtain conventional financing?
6) Are there any special policies regarding rentals?
7) Is the condo association self managed or is there a paid management company?
8) Are there a significant number of other owners not current on their condo dues, & how does that affect you?
9) What is the difference between a common element and a limited common element?
10) What have been the recent sale prices of similar properties in the building?
There are many special considerations as you evaluate your purchase of a property that is held within a condominium regime. You should always consult a real estate professional and get all the facts before making any final decisions. Some states (Maryland included), have state statutes that protect the buyer with a Right of Rescission. These rescission periods generally kick in after the purchaser has had time to review all of the condominium documents. Make sure you know the laws in your state.