Waltham MA Condominiums for Sale

Waltham MA Condominiums for Sale

If you are interested in purchasing a Waltham MA condominium, it is important to understand the legal ramifications of this form of ownership. Rules and regulations regarding the sharing of common areas, amenities and the land parcel have been stipulated in the condo docs. There are a benefits to condominium ownership however certain Waltham developments may have restrictions that will affect your lifestyle.

What is a Condominium

The word condominium describes a form of land ownership and are governed by laws set out in Chapter 183A of the General Laws of Massachusetts and known as the Massachusetts Condominium Act. This act covers the requirements for unit owners and condominium associations including matters related to interests in common areas and facilities, mandatory provisions for the association’s by-laws and expenses incurred by the association of unit owners.

Waltham condominium units typically consist of two or more units. Unit owners share joint ownership of common areas (grounds, hallways, etc.). The master deed is a document that places the land into condominium status and details the ownership structure. If you were to purchase a Waltham MA home, you would have ownership the land and the building and could have joint ownership of additional land and improvements. This type of ownership is often referred to as PRD (Planned Unit Development) or PUD (Planned Unit Development).

The Master Deed specifies the percentage of ownership in common areas that each condo owner will have.The limitsof individual ownership and common ownership are also described in the master deed. In addition to the land and building structure, common areas also include any hallways, stairways, pools, tennis courts, clubhouses, elevators, and any mechanical systems that service all of the units.Some areas that are held in common, such as a parking space, balcony or patio, can be designated for exclusive use by one or more unit owners. This typically will include balconies, patios, and assigned parking spaces.

Waltham MA Condo Styles

• Garden (flat) — Contains one-level of finished living space.
• Townhouse — Finished living space on two or more levels.
• Detached — Free-standing building (no other unit is located in that same building).
• Duplex — Two attached units, sometimes referred to as “condex”. There may be several duplexes/condexes within a particular complex.
• Triple Decker – A triplex unit typically a conversion from a 3 unit apartment building.
• Loft – Large open areas with high ceilings that may have been converted commercial or industrial space.
• Low Rise Building – Commonly described as a garden style building that has 4 or fewer levels.
• Mid Rise Condo – Usually a building between 5-10 stories with retail or commercial mixed uses. 
• High Rise – May contain garden and townhome units and greater than 4 levels total in the building. High rises are commonly serviced by an elevator.

Management and Associations

The Master deed contains a Trust Agreement or By-Laws whereby the criteria for management of development is specified. Monthly Condo Fees The management and maintenance of the association is determined by the Trustees and ratified by the unit owners as specified in by-laws of the condominium. Unit owner condo fees are based on the percentage of ownership of the common areas and the annual budget. If there is a shortfall, there may be a “Special Assessment” made to cover this additional expense.  Based on the amount of shortfall, this may be charged as a one-time fee or spread out over several months or years.

Rules and Regulations

The Rules and Regulations regarding the use of the condominium and facilities are usually determined and established by the Trustees and may be voted on and changed from time to time by the Unit Owners.

What a Waltham Condo Buyer Should Know

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If you are thinking of buying a condominium unit, be sure to review:

1. Condominium Documents — Master Deed, Condominium Trust, etc.
2. Rules & Regulations – Pets may not be allowed. Can you rent the unit?
3. Financial Statements — Annual and Current Budget, Delinquency Rate
4. Capital Reserve Fund - Will FHA approve the fund?
5. FHA, VA Approval – Is a current approval in place?
6. Special Assessments – Pending and approved
7. Management Company – Is there one? Who is it?
8. Pending Legal Actions – Are there any?
9. Ownership Concentration – How many units are owner occupied?
10. 10. Monthly Condo Fee – What does it cover?
11. 11. Master Insurance Policy – Verify coverage
12. 12. Annual Meeting Minutes and Trustee Minutes (When Available).

If you are going to buy a Waltham MA condo you should have the documents reviewed by your attorney. Your Waltham Buyer’s Agent should also be certain your offer provides for a cancellation should any part of the documents not be acceptable to you.  Evaluate all Waltham MA condominiums, homes and real estate at Waltham MA real estate.

Importance of Working With a Waltham REALTOR in Your Condo Purchase

Condominium structures and considerations vary by city, state and region. The above is just a general guideline on the most common type of condominiums. Your Waltham REALTOR can provide additional details and educate you on everything that you need to know regarding your condo purchase, including information on co-ops and informal complexes such as converted multi-family buildings. Virtual Homes real estate has a network of experienced REALTORS ready to assist you in purchasing a Waltham MA condo.