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.
- Condominium Declaration.
- Articles of the Association.
- Bylaws of the Association.
- Budget of the Association.
- Rules of the Association on matters like parking, snow removal, noise control, insurance coverage, building and unit signage, and unit modification.
- Balance in the fund established to pay for long term capital improvements to facility.
- 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.