Buying a condo is a huge trend in today’s market. It allows people to be independent home owners without such a huge price tag. When looking for a condo and eventually locating your dream condo, educate yourself with some of the following information so you are not surprised or disappointed at the time of closing.
Title insurance protects homebuyers from title/ownership costs and situations that occur when events unfold regarding a legal matter related to their new home. Most claims relate to financial matters, for example title fraud, omissions, liens etc.
Condominium Status Certificate is obtained from the condo corporation that details items such as monthly shared expenses, maintenance fees, pending litigation, reserve fund amount etc. Your real estate lawyer will receive it and discuss with you the condo corporation’s current situation. Take note, property rights (parking spaces/lockers) and some lifestyle rights (pets) should be reviewed as well because this may impact your decision to purchase. Are you allowed to own pets? Do you own a parking space or is it rented?
Also, its important to know if your condominium is new, what phase is it in? Depending on the phase, your move-in date could be delayed for various reasons; construction, financial matters etc. Be prepared for changes if your brand new condo is early in the phase stages.
Condominium Management/Board’s efficiency is very important as well. When you are reading through your information, you can observe if the management do their job poorly or are responsible to its homeowners. Is the property well-maintained? Units clean and working? Financially sound? It may make a difference in your final decision.
These are a few issues that may arise when you are selecting your dream condo. Be sure to do your research, ask lots of questions and definitely retain a real estate lawyer.
Karen Sebastian
Sales Representative with Signature Service GMAC Real Estate
www.karingforyourhome.com
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