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When a condominium is sold what must the seller provide upon the buyers request?
Wiki User
∙ 8y ago
The answer to your question is going to be different in every state and nearly every county and community where you propose to purchase a condominium.
A local condominium-savvy real estate agent can help you understand what must be provided by the seller and what to demand if you are the buyer.
Also, note that the items may be different depending on whether the seller is a developer and you are the first purchaser, or if the seller is a current resident or rental-oriented owner.
Regardless of the status of the seller, you are best prepared if you provide details about:
- The financial health of the association, it's delinquency status of owners' assessments, reserve funding levels as dictated by current 'Reserve Study' documents, anticipated special assessments and so forth. Ask for three years' worth of financials.
- The board's ability to operate and govern the association and its assets. Ask for three years worth of board meeting minutes.
- The integrity and upkeep of the building and common areas involved with the purchase, including amenities.
- Other key details that affect ownership.
Wiki User
∙ 11y ago
Wiki User
∙ 8y agoAll documents you request are provided to you through the seller and depends on what you request/ demand during your period of due diligence prior to completing the purchase transaction, the state law requirements as to documentation required, and the efficiency of the realtor(s) involved in the transaction.
For example, if you demand copies of the governing documents -- CC&Rs, By-laws and rules, the last three years history of board meetings and financials, any Resale Certificates, seller disclosures and so forth before you finalize the transaction, you may have all the documents you want.
Buyers are best advised to obtain all the documents possible prior to purchasing any real estate in a common interest community. If you find something that requires explanation, get the answers you want.
Once you are an owner, you are completely subjected to all the vagaries of the association whether you agree with the documents -- or not.
This purchase is a classic case of Buyer Beware.
Anonymous
Ccrs, bylaws, and financial statements
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