What to Know When Buying a Condo
Posted by Lee Cameron on Tuesday, July 19th, 2011 at 9:10am.Purchasing a condo can be something of a daunting task. Many condo communities come with strict rules and guidelines that all residents must follow. When buying your new home, it can be a little hard to figure out exactly what will be required of you once you move in.
You may learn about these rules from the condo's advertisements, the real estate agent or even the owner. Unfortunately, you can't trust any of these sources to be able to give you a complete list. Luckily, here in Florida, condo communities are required by law to provide you with a complete list of rules and guidelines when you purchase a property. You'll get a copy of the articles of incorporation, a declaration that specifies your property rights, the bylaws of the community, all fees and services and, of course, the rules and regulations. But that isn't the only information you can get.
You also have the right to ask for a copy of the community's latest budget. This allows you to make sure that your new community uses the money it gets from its fees appropriately. Pay special attention to whether or not they keep a reserve saved for large repairs or updating. If the community suddenly needs to replace a roof and they haven't saved money to do so, you'll likely be facing suddenly higher fees to cover the cost. You can also asked if there are any special assessments planned so that you know whether to expect large repairs or expansion in the near future.
When you receive these documents, look over every page carefully. By law, you should receive these documents the day you purchase a condo and you have three days (fifteen days for new constructions) to look them over and decide whether or not you want to back out. If you do decide to back out, there is no penalty to you and you're entitled to get your deposit back.
Most importantly, don't ever let anyone convince you to sign a document that waives your rights to see this information - and be suspicious of anybody who wants you to. Know your rights and don't give them away for anything.
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Thanks for sharing those things about condo buying. Those information would really help those who are planning to buy a condo.
Posted on Monday, September 5th, 2011 at 8:59pm.