If you’re buying a condo, cooperative or townhouse apart of a homeowners association, you need to review and approve or disapprove the governing documents. These documents generally include the Declarations and Bylaws, the Rules and Regulations, financials and the meeting minutes. 

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 fees, etc. It’s also important to learn about the building’s rules such as:

• Are there pet restrictions (number of pets, breeds, weights, etc.)?
• Can you move in any day/time or are there restrictions on when you’re allowed to move in?
• Are there are move in fees or procedures such as needing to reserve an elevator?
• Can you lease your unit and, if so, for how long?
• Do you have to own for a period of time before you can sell?
• Is more than 50% of the building renters? If so, there is a good 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, I strongly urge you to read the condo documents thoroughly. Write down any questions or issues you’d like to know more about as I can ask for clarification or further documentation. Pay particular attention to the meeting minutes as this is often where you’ll learn what’s really going on in the building and any future plans for big ticket repairs.

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. In DC you have 3 business days from receipt to review/ask questions, 3 days in VA and 7 days in MD. 

Questions? Call me at 202.821.5145 or email [email protected]