Buying a Condominium vs. Buying a House

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Buying a Condominium vs. Buying a House

There are some fundamental differences between condominiums and houses that a potential buyer should keep in mind when considering what type of residence to purchase for residential purposes:

Whether buying a house or a condo, you want to closely inspect all aspects of the property. When setting out the purchase agreement for a condominium, it is important that you make sure a provision is included in the agreement that says you must be provided with the CC&Rs, the articles of incorporation, and the by-laws for the condo homeowners’ association before you purchase.

You should also make sure that you get a copy of the budget and a notice of the current dues assessment from the homeowners’ association. You will need to examine and understand these documents thoroughly before you purchase the condo to make sure it is everything that you want and you will not be surprised by anything related to condo ownership.

Should I Contact an Attorney?

The information you are given about the condo and the rules and by-laws of the homeowners’ association can often be confusing and overwhelming. You can ask the homeowners’ association to help explain these terms to you, but you should contact a real estate attorney if you would like more in-depth advisement. Your attorney will help you understand all the provisions of each agreement and make sure your interests are represented in the documents.

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Last Modified: 03-13-2014 05:04 PM PDT

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