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Started By
Message
Condo assoc. disclosures when buying
Posted on 1/9/20 at 4:13 pm
Posted on 1/9/20 at 4:13 pm
I went and looked at a condo unit with a real estate agant. I told her that if I was thinking of extending an offer that I would need to get the maintenance and financial records from the condo association and consider that info in my decision whether to offer and \ or how much.
She looked at me like I had just claimed to have seen Bigfoot on the balcony of the condo and told me that she doubted the condo association or management company would release that kind of information prior to a sale.
Is this really an unreasonable request? I consider it important to know, for instance, the last time the flat roof of the building was replaced. And it there is money being set aside on a continuing basis to fund roof replacement when it is needed.
I don't want to purchase and shortly thereafter be accessed a few thousand dollar special assessment for roof repairs, cracked concrete driveway replacement, etc
I want to make sure the association has money in reserve and is not on the verge of insolvency.
She looked at me like I had just claimed to have seen Bigfoot on the balcony of the condo and told me that she doubted the condo association or management company would release that kind of information prior to a sale.
Is this really an unreasonable request? I consider it important to know, for instance, the last time the flat roof of the building was replaced. And it there is money being set aside on a continuing basis to fund roof replacement when it is needed.
I don't want to purchase and shortly thereafter be accessed a few thousand dollar special assessment for roof repairs, cracked concrete driveway replacement, etc
I want to make sure the association has money in reserve and is not on the verge of insolvency.
This post was edited on 1/9/20 at 4:15 pm
5
Posted on 1/9/20 at 4:41 pm to doublecutter
No, check out the info.
Posted on 1/9/20 at 5:05 pm to doublecutter
quote:This is standard info she should be able to obtain in one email to the head of the condo association. Your agent is a retard.
I went and looked at a condo unit with a real estate agant. I told her that if I was thinking of extending an offer that I would need to get the maintenance and financial records from the condo association and consider that info in my decision whether to offer and \ or how much.
She looked at me like I had just claimed to have seen Bigfoot on the balcony of the condo and told me that she doubted the condo association or management company would release that kind of information prior to a sale.
Is this really an unreasonable request? I consider it important to know, for instance, the last time the flat roof of the building was replaced. And it there is money being set aside on a continuing basis to fund roof replacement when it is needed.
I don't want to purchase and shortly thereafter be accessed a few thousand dollar special assessment for roof repairs, cracked concrete driveway replacement, etc
I want to make sure the association has money in reserve and is not on the verge of insolvency.
Posted on 1/9/20 at 6:07 pm to ItNeverRains
Any upcoming major issue should be in the HOA meeting notes.
Posted on 1/9/20 at 6:41 pm to doublecutter
In my experience you get the condo docs after making an offer. You then have a specific amount of time to review then back out if you want.
ETA: in LA, you can get the docs before making an offer. So if you are in LA, here's the law which describes the info you are entitled to receive.
LINK
ETA: in LA, you can get the docs before making an offer. So if you are in LA, here's the law which describes the info you are entitled to receive.
LINK
This post was edited on 1/9/20 at 6:57 pm
Posted on 1/9/20 at 7:02 pm to doublecutter
You can request, and it's not unreasonable. You should also ask for the condo fee history and the history of special assessments. If there is a constant increase, you can plan accordingly. And it's not far fetched for associations to use SA's for every big project bc they try to keep condo fees down
Posted on 1/9/20 at 7:36 pm to doublecutter
quote:
She looked at me like I had just claimed to have seen Bigfoot on the balcony of the condo and told me that she doubted the condo association or management company would release that kind of information prior to a sale.
thats a huge red flag saying they are rabid dictators that will make you dred the day you ever bought the place
she should have had a printout for you of all fees and HOA rules and restrictions in hand for the asking if there wasnt something she was trying to hide about it
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