Avoiding Surprises When Purchasing a Home or Office Condo

by | Apr 27, 2020 | Civil Litigation

Purchasing an Office or Home Condo can greatly reduce your capital costs when compared to purchasing a single family home or free standing office building. It is important to understand, however, that buying into a condominium association is very similar to joining a family whose other members can be a 2 by 4 and sheetrock wall away on either side of you or 10”floor or ceiling joists away. They can also be a 40” common hallway width from you. You will need to share the cost of a host of upkeep and maintenance expenses with your fellow owners. Most disputes on these and other matters will be decided by a simple majority of those unit holders present and voting at a duly called Association meeting.

The following documents should be examined before you decide to purchase a condo unit.

  1. Condominium Declaration.
  2. Articles of the Association.
  3. Bylaws of the Association.
  4. Budget of the Association.
  5. Rules of the Association on matters like parking, snow removal, noise control, insurance coverage, building and unit signage, and unit modification.
  6. Balance in the fund established to pay for long term capital improvements to facility.
  7. Minutes of all meetings of the Associations Board of Directors going back at least three (3) years.

Buying a condo can be a good way to begin building equity in property and freezing your premise related expense. Caldecott & Forro, PLC’s attorneys can help you to better understand these transactions. We provide free initial consultations to buyers and sellers of real estate in a host of contexts. This article is not a substitute for legal advice in the context of a specific case. Caldecott & Forro, PLC provides free initial consultations to clients and potential clients on all civil litigation matters.