Purchasing or selling a condominium can be much more involved than purchasing or selling a house. A careful review of the condominium associations bylaws is a necessity when you buy or sell a condo. In fact, most real estate contracts involving condo sales specifically state that the sales contract is contingent upon the purchaser’s attorney reviewing and approving the condo association’s bylaws. Another important requirement is to determine the financial health of the condo association and find out how it is managed.
Ager Law Office and your Ann Arbor condo attorney is committed to providing excellent services to sellers and purchasers of condominiums. For a reasonable flat fee, you can have Bill Ager, with over 30 years of experience, at your side from start to finish. Bill can provide you with a detailed explanation of the entire process, the laws that apply, and forms that are required. He will review all documents relating to the sale or purchase, including all offers and contracts, the condominium association’s documents, title insurance policy and closing documents. Moreover, Bill will be available to answer any questions you have through the entire process, all for a reasonable flat fee.
Contact Bill Ager at (734) 649-0784 or at firstname.lastname@example.org for more details on reasonable flat fees for these services.
What should I be aware of when considering a condo purchase?
First, find out what types of condo fees are required and what they pay for. Remember, although condo communities come with the convenience of upkeep and other services, these benefits also come with a cost.
Second, obtain the names of the condo association’s board of directors so you can talk to a board member about any issues facing the board, such as potential special assessments and delinquency rates of current owners.
Third, obtain the minutes of the condo association’s last board meeting. Other important pieces of information to have are the condo association’s current financial report and the last time a reserve fund review was done.
Pay particular attention to who is managing the condo community, and ask some of your prospective neighbors their opinions about the manager and the community. Also, find out the association’s rental policy. A condo association may have bylaws that restrict renting, which may impact your plans down the road. An experienced real estate attorney can help you take the surprise out of purchasing a condo.