Purchasing a Condo? Important Tips for REALTORS

Purchasing a Condo? Important Tips for REALTORS

take away tuesday

Purchasing a Condo? Important Tips for REALTORS

Brought to you by Nishad Khan P.L.

A lot of associations struggle with finances and fail to collect enough assessments to cover repairs. If your client is purchasing a condo/town home with cash, always request financials from the association to determine whether they have sufficient funds to make repairs. I had a client today who purchased a condo in a community that didn’t have sufficient funds to fix the roof. His insurance company has threatened to cancel coverage unless he repairs the building roof himself!  This repair may cost him close to $15,000. The association discussed this issue in their previous meetings and if he had reviewed the minutes or investigated the finances, he could have pulled out of the contract in time.

Takeaway: Always review minutes from the last 3 board meetings to identify issues within the community association.  Also, ask for financials of the association and any items the association has failed to repair. These simple questions can save your client a lot of heartache and make you a better agent!