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Q.How does buying a condo differ from buying a house?
A.Buying a condo is not the same as buying a single family residence, where you will be the master of your kingdom.
All condominium associations have rules and regulations (CC&Rs) that must be followed by the owners, and all associations have budgets that may or may not be adequate. Although state law differs on what may and must be disclosed before closing, make sure your broker ensure that you have the right to obtain the following information, and to cancel your offer in the event it contains information you dislike:
- The Declaration, Bylaws, CC&Rs and house rules of the condominium;
- A copy of the condominium's most recent budget, which should reveal the potential income and expenses and whether the condominium has adequate reserves for future repairs and replacements; and
- A copy of the latest Accountant’s Report, which should reveal the financial picture of the Association, as well as important notes from the CPA about any concerns the CPA has about the financial health of the Association.
You should consult with a local real estate attorney before you sign any contract to purchase a condominium unit.
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