If you are planning to buy a residential condominium, there is a heightened need for greater due diligence than if you were buying a single family home. Please: (a) review the last six (6) months of Board minutes to make sure there are no special or increased monthly assessments being discussed; (b) carefully review the operating budget for any funding shortfalls; (c) if the condo is thirty (30) years or more, and more than three (3) stories, read the milestone engineering report; and, (d) what is the ratio of tenant to owner occupied units and assessment delinquencies. Ask questions up front to minimize “surprises” after you close.
Mitch
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