WHY YOU NEED A REAL ESTATE ATTORNEY TO BUY THAT CONDO
When buying a condominium, you should retain a real estate attorney to go over every detail of the transaction from purchase and sale agreements to the bylaws of the condominium association. A real estate attorney will make sure everything is consistent with current state law and favors you the buyer.
Are Your Future Neighbors Happy?
Your real estate attorney will review the condominium association’s minutes and see about what the previous owners are mostly griping. From faulty wiring to leaky pipes, you should learn what you are buying before you invest. An attorney can look into the delinquency rate of association dues and see if there are any signs of discontent. They also will find out for you if there is a reserve fund for repairs to roofs, roads, swimming pools, and tennis courts. Do the owners manage the place? If so, do they live a thousand miles away? Your attorney can find all of this out for you.
Did you know a condominium’s governing body has the legal right to restrict a condo-owners’ ability to rent out their units? Some condominium associations may outright prohibit any rentals, while others may require approval of any prospective tenants. If you are planning to spend winters in the tropics, you should have a lawyer look into the renter and sublet policy for you.
Resale restrictions influence the amount of money a condo-owner can receive for a unit or if the condo association has the first right of refusal. The resale certificate includes pertinent information such as resale restrictions, building code violations and pending lawsuits. Any of those issues have the potential to negatively influence a sale, and should be reviewed by your lawyer.
Some condominium associations restrict the types of renovations that a unit owner can do. The National Association of Realtors notes that restrictions on renovations and other important issues are usually found in a building’s CC&R’s — covenants, conditions, and restrictions. Renovation restrictions are critical to understand if a condo-owner’s interests hinge on their ability to change a particular feature of the home.
A good real estate lawyer can look into all these matters for you and give you all the clear concise information about that property you are about to invest in. Don’t go into such an important financial decision blind. Get a qualified real estate attorney to protect your investment and future.