I'm in unfamiliar territory looking for a condo for my daughter in Greater Boston. I imagined the process would be similar to here in NY, but not so much, it's proving a valuable learning curve.

Currently, I am curious as to how a buyer can judge whether or not a Condo Management Association is properly formed and well run before making any offer. The system seems to be reliant upon a contingency in the purchase offer. This seems cart before horse to me. I would like to get hold of the association documentation and ask the questions before making an offer, not after the offer has been accepted. 

Maybe I'm missing something, but given that it's in the best interests of all sides to remove as many contingencies as possible as quickly as possible, I'm surprised not to have been offered at least summary accounts, including details of special assessments and reserves (if any).  The quality of the management, association reserves and special assessment history impacts the value of the building, so without prior evaluation, the buyer is being asked to make a leap of faith that may detract from making their best offer, just in case it's a less than perfect management situation that they know nothing about. 

  

 
Post is included in group: Boston Real Estate

3 Comments on Condo Management Associations

OCT
27
2007
154,167 Points
  • Hi I just Wanted to say Hello and To Introduce Myself.
  • I'm Tommy A Certified Home Inspector here in Long Island. 
  • We're neighbors. I'm located in Farmingdale. And you?
  • Can you introduce your company?I would like to meet my neighbors.
  • Thank you,
  • Tommy
    • 5:36pm • #1
    DEC
    26
    2007
    154,167 Points

    Tommy   New York Certified Home Inspector Long Island NY Nassau/Suffolk/Queens Home Inspections

    Wishing You Merry Christmas and Best Wishes for a Great Year 2008.

    Tommy@HomeSpectorInc.com

    http://www.homespectorinc.com/

    1:50am • #2
    SEP
    08
    2008
    220,680 Points 2 Featured Posts Localism Sponsor Outside Blog Called Shot Master

    Joanna, I worked for WCI Communities (Lake Grove) and it was standard procedure to have a contract before giving people the offering plan. As a cost effective measure, which obviously didn't help WCI much (they're in BK now) it prevented handing out thick books that were somewhat expensive only to have them disappear if the buyer elected not to make the purchase. When they brought the book back, they received their initial deposit back. Your daughter has likely purchased by now, but one thing that we were fine with was for a potential purchaser to take the book within the office, find a quiet place, and do a cursory review before the formal atty review.
    9:37am • #3


    What does the graphic say?
    Leave a response…

    (optional)
    Spam Prevention:
    		 
    2009-joannalane_500

    Joanna Lane

    Cutchogue, NY

    More about me…

    Property Angels

    Address: 140 Wagon Wheel Lane, Cutchogue, NY, 11935

    Office Phone: (631) 734-8176

    Cell Phone: (631) 252-5653

    Email Me

    Real Estate related issues on the North Fork of Long Island, New York


    Links

    Archives

    RSS 2.0 Feed for this blog