Review the HOA /Condo Docs

If you’re buying a home part of a condo association or home in an HOA, at some point during the process, you need to review and approve or disapprove the condominium documents. These documents generally include the Declarations and Bylaws, the Covenants, Conditions and Restrictions (CCRs), Rules and Regulations, and the current year budget.

The reason you need to review these documents is that when you buy a condo, you’re not just buying your particular unit, but you’re also buying into the building. You need to figure out if the building is stable and healthy financially speaking or if there could be potential problems, either with big upcoming maintenance issues or delinquent condo owners who aren’t paying their HOA fees, etc. It’s also important to learn about the building’s rules such as:

1. Are there pet restrictions (number of pets, breeds, weights, etc.)?

2. Can you move in any day/time or are there restrictions on when you’re allowed to move in?

3. Are there any move in fees or procedures such as needing to reserve an elevator?

4. Can you lease your unit and, if so, for how long?

5. Is more than 50% of the building renters? If so, there may be a chance your mortgage lender won’t approve the loan as a building with too many renters is a risky investment.

For all of the above reasons, we  strongly urge you to read each condo document thoroughly. Write down any questions or issues you’d like to know more about as we can ask for clarification or further documentation.

After you’ve read the condo docs, email me any questions you have and whether you feel comfortable going forward, want to cancel the contract or would like additional information. Most of your pertinent questions should have been answered prior to making an offer especially if we needed to make sure the building accepts pets.