Buying a condominium is a significant investment. Prior to purchasing, buyers receive numerous documents relating to the condition and operations of the condominium project. We will review those documents and provide an opinion on the overall health of the condominium. We will requested the following documents from the potential buyer:
- Declaration / CC&Rs
- Bylaws
- Rules and Regulations
- Meeting Minutes for the previous 3 years
- Reserve Study
- Maintenance Plan
- Articles of Incorporation
- Insurance Policy Declarations
After receiving the documents, we will provide an opinion on the following:
- Declaration or Bylaw provisions which are outdated or contrary to state law;
- An overview of the financial standing of the Association;
- Potential for construction defect issues;
- Any pending litigation;
- Restrictions on renting or leasing of units;
- Conflicts between rules/regulations and other governing documents;
- Adequacy of the Association's insurance coverage; and
- Whether the reserve account is properly funded.