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Important Facts
When Buying A Condo/Townhome
When buying
into a condo complex, you are entitled to know some facts about the
condo/townhouse
community. You will need to know the rules and regulations, the
finances, who is in charge, and more.
Condo is a style and an ownership. A Condo style is like a ranch
home – all rooms are on one level.
Townhouse is a style meaning on two or more levels. A townhouse is a
condo ownership.
When you purchase a condo or townhouse, you are also buying into a
special type of community with their own rules and regulations,
finances, security, and other properties that you should be aware
of.
Below is a list of just some of the information that you should be
aware of:
1. Name of complex.
2. Management Company contact information.
3. Monthly maintenance changes.
4. Insurance information for the complex. Request insurance
company, agent, telephone, and fax
numbers.
5. Get copy of rules, regulations, and bylaws. Also find out if
there are any pending changes to the
rules and regulations?
6. Total or percentage of rented units.
7. Total number of units owner occupied.
8. What is the unit turnover rate?
9. Is complex 100% complete or are there plans for more
construction (units, common areas).
10. Does subdivision contain any governmentally regulated low and moderate
income housing units?
11. Guest parking spaces.
12. Are pets allowed?
13. Are here any violations of any land-use or government regulation?
14. Are here any environmental factors the complex of individual units?
15. Annual budget.
16. Available funds in Capital Reserve account.
17. Association attorney and contact information.
18. Are there any lawsuits or judgments on the condo association or
management company?
19. Is snow shoveling supplied and what is shoveled?
Your Realtor should be able to acquire most if not all of this
information without charge. Some information, like the master deed,
the management company may charge a fee to duplicate. The seller
should have this information.
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