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What mandatory disclosures must be given to your buyer before the close of escrow for the purchase of the condominium?
Wiki User
∙ 8y ago
Review your state's disclosure requirements for buying and selling real estate, and especially the disclosure requirements for condominiums.
As an individual seller, you may have an obligation to disclose all you know about projects, studies, reports or other materials that address issues in the association's business. The association may also have disclosures required of the board and the association manager.
Failure to disclose as required may result in legal action against you as the seller.
Wiki User
∙ 8y ago
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My parents used to live in a condominium but they bought a house two years before I was born.
Can a condo unit be sold before a declaration of condominium is filed?
Personally, I would not buy a condominium unless my review of the complete declaration was finished. Otherwise, you (and I) have zero idea about the community you're (I'm) buying into. Whether or not it can be sold may be a local legal issue. See your state condominium statute.
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Depending on your life-style and your values, a condominium may or may not be a smart place for you to live. If you don't like rules, prefer to live noisily, keep odd hours, own many vehicles/ tools and so forth, produce large parties, traffic heavily with your friends, a condominium may not be your best choice. If you want to live simply, quietly, with neighbors who share your real estate values, and are willing to pay someone to maintain, preserve and protect your home, a condominium could be a perfect match. The mistake to make is to buy a condominium without first reading the governing documents, the last three years' worth of minutes and financials and having never owned a home before. In order to rectify this error, educate yourself about the condominium community where you want to buy a home before you purchase a unit. The biggest disadvantage is a buyer's ignorance.
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