Condominium living combines home ownership with the convenience of managed facility maintenance and extra amenities that a single-family home would not usually have. Although you have owned property in the past, there are several details to take into consideration when purchasing a condominium.
When you acquire a condominium, you purchase not only a living unit but a portion of the common areas as well. This creates additional responsibilities and possible liabilities for you as a resident. It makes it critical to investigate the details of your potential investment, so there are no surprises down the road.
It’s All In The Fine Print
If you consider buying a condominium built after 1981 In the state of Maryland, sellers are required by law to file a disclosure document called a Public Offering Statement with the state. Even though the condo association’s document needs to be given to you upon closing, and you have 15 days to examine it and cancel your purchase without penalty, ask for it when you consider the property, so you have more detailed information about your possible purchase.
Individual owners must provide a package of resale documentation to the buyer of the condominium which includes:
- Condominium regulations
- Material disclosures
- Association bylaws
- Maintenance and repair expenditure expectations
If there are any omissions or errors on sale documents, the seller is responsible for the mistake. Also, if you analyze the documents and decide you want to nullify your purchase agreement, you have fifteen days from when you close the sale.
Attorneys experienced in real estate law often review homeowner association documents for clients who want to know precisely what the legal documents mean concerning their purchase commitment and expenditures.