10 questions to ensure good condo purchase
Finally, we get to the all-important 10 key questions smart condo buyers should ask (but condo sellers hope their buyers don’t ask):
1 – WHAT IS THE FINANCIAL CONDITION OF THE HOMEOWNER’S ASSOCIATION (HOA)? If you are a buyer seriously considering purchasing a specific condo unit, it’s time to ask for and read copies of the latest HOA financial reports, minutes of the HOA meetings for the last six months, and a copy of the CC&Rs, by-laws and rules.
Don’t hesitate to ask lots of questions about this information, such as, “Are any monthly association fee increases planned or under discussion? “How many special assessments were levied against the condo owners in the last five years?” “Are any owners delinquent in their monthly fee payments?” and “Is the HOA involved in any lawsuits?”