If you’re looking to buy a condominium, you may have a lot of questions about association living. You’ll want to make sure the property as a whole is being properly and responsibly maintained.
Key Questions to Help Condominium Buyers Make Informed Decisions
- Can I see this year and last year’s financials/budget?
- How much are the monthly assessments?
- What portion of the units are owner occupied?
- Is the community compliant for FHA sourced financing?
- Are there any current or pending legal actions?
- Are there any capital replacement or repair projects planned?
- How much money is in the reserve account?
- When was the last reserve study done?
- Can you supply a copy of the Declaration and Bylaws?
- Can you provide me with minutes from the most recent board meeting and last annual meeting?