Condo Tips
It’s no small irony that buying or selling a condominium can be a complicated real estate transaction especially when it is also the first home purchase for many people. So, when entering the condo market you’ll need to do a lot of homework.
A condominium is run by a corporation and when you purchase a condo unit, you are also purchasing shares of that corporation. You wouldn’t invest your money in a company without knowing how it is run, whether it has any outstanding judgments against it, who the other owners are, etc. so why would you invest in a condo corporation without knowing the same information?
It may sound tedious but verify the bylaws of the condo corp (preferably by a condo document checking company) as there may be a bylaw that would conflict with your needs or lifestyle. For example, pet restrictions can mean either pets are not allowed or some pets are allowed based on type, size, etc. There may also be an age restriction on the resident of a condo.
Also, find out exactly what you are selling or buying: Is the parking stall owned (titled), leased, or assigned? Does the registered size include the garage, balcony, or storage unit?
When you do own a condo unit, it’s always a good idea to keep all the newsletters and other information the condo board sends to you. It will come in handy when you decide to sell as it is the duty of the seller to provide all the necessary and relevant condominium documents for the buyer to review. Keeping the documents that get sent to you can minimize the cost of the total document package that you purchase from the management company, which can be a few hundred dollars or more.
Each condominium is unique and should be treated with the utmost care and attention especially when verifying the information about the unit being offered for sale. Using a Realtor® who specializes in condos can help make your transaction as smooth as possible.