Questions to Ask When Buying a Condo - For those who have considered buying a condo, there usually are additional questions they will want to have answered that are specific to condominium ownership as opposed to owning a single family home. Owning a condominium provides many benefits with buyers pursuing this option in many cases to eliminate exterior maintenance of a home creating more spare time for relaxation and freedom from concerns about how the ongoing maintenance a home requires is going to get done.
However, there are things condominium buyers will want to get information and clarification on to ensure the purchase is right for them. Having handled condominium sales as a large part of my business, here are some of the common questions and concerns condominium purchasers have:
- The most common questions about condominiums - condo fees.
-How much are the condo fees? Do they differ for different condominium units?
-What are the community amenities and what do the condo fees cover? Do the condo fees cover utilities?
-Does the condominium community have sufficient reserves?
-How are the changes in condo fees controlled?
-Are there additional assessments or what has the history of assessments been in the condominium community?
-Parking - is it assigned? How many places are assigned? Is there overflow parking?
-What types of restrictions are there as to modification of condominium units? For example, can you screen a deck? Can you modify interior condominium floor plans - move/remove walls, etc? Can you have wood floors?
-In waterfront condominium communities, "Is there a boat slip included?" or "What is boat slip availability?" "Are there critical area restrictions?Is there beach access or is the beach private to the condominium community?
-In condominium communities where this a community pool - "Who can use the pool - how many passes are assigned?"
-Is grilling allowed? In Calvert County, for example there is an ordinance prohibiting grilling on condominium decks, so some Calvert County condominium communities provide common areas where grilling is permitted.
-Is financing readily available?
A number of these questions can be answered by the listing agent or possibly are answered in the listing itself. For example, in my MLS there is a space to enter condominium fee amount, what they cover, parking, whether a boat slip is included.
However, buyers should be assured that they will have the opportunity to review the condo docs as part of additional provisions of the contract addenda which cite the specific requirements for the provision on condominium documents as per Section 11-135 of the Maryland Condominium Act (Real Property Article, Annotated Code of Maryland Section 11-101 et. Seq. The Declaration of Condominium, the Bylaws, the Rules and Regulations of the Condominium, and a certificate from the Council of Unit Owners must be provided no later than 15 days prior to settlement. The buyer has 7 days from when these documents are provided to review the documents and the opportunity to cancel the contract (notification must be in writing) if they find those documents or the information disclosed in the Certificate from the Council of Unit Owners to be unsatisfactory (the buyer does not have to provide the reason).
702 Runabout Loop, Solomons, MD 20688
1202 Back Creek Loop, Solomons, MD 20688
1362 Schooner Loop, Solomons, MD 20688
253 Driftwood Lane, Solomons, MD 20688
223 Driftwood Lane, Solomons, MD 20688
Solomons Landing
A number of the commonly asked questions are answered (or answers confirmed) in the Certificate from the Council of Unit Owners - amount of the condo fees, any delinquent fees for the specific unit, any additional assessments, disclosure of additional capital expenditures not included in the budget and balance sheet (the budget and balance sheets are included as part of the Certificate from the Council of Unit Owners), any judgments or pending lawsuits, insurance requirements, certification as to whether there is any unauthorized alteration of the unit or violation of health codes, any leasehold affecting the condominium, general description of the amenities.
In addition, if there is financing involved, the lender will do their due diligence as to whether the condominium meets their requirements for financing. The main areas of focus - adequate reserves, the number of non-owner occupied units, condominium fee delinquency percentages.
In summary, buyers can be assured that there are a number of protections afforded by Maryland law and opportunities to do their due diligence to determine if the condominium association is viable and that the condominium community is one where they will want to invest.
Please contact me for more information on Calvert County real estate and Saint Mary's County real estate.
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