Would you be angry if you bought a condominium and owed $10,000 to the condo association for a special assessment soon after you bought the property? Or found out that the other condo units have issues like need a new boiler that will have to be replaced in the near future that you’re going to have to be responsible for? Or that the condo association has a pending lawsuit because of a slip and fall?
First Stop – The Condo Minutes
You can find this information in the condo minutes. The condo minutes are the official record of the who, where, when, what and how of the meeting for the condo association. Most condo associations are extremely careful of what goes into the record because the minutes can be used in the court of law. Unfortunately for the buyer, the minutes are not TMZ where there is gossip, rumors, pictures because where there’s smoke, there’s usually fire.
Next – Go Beyond the Minutes
1. Review: Have your attorney review the minutes.
2. Establish a Record. Have your attorney and/or Realtor email the selling agent and ask about the special assessments, litigation and other disputes that could cost you money.
3. Explore. You should call the management company; you might speak with someone that tells you information that was not in the minutes or was previously unknown.
Contact me for a free consultation about financing your condo purchase, and making sure it’s a sound investment.