-
Quick Tour
Connect. Share. Learn.Welcome to ActiveRain, the #1 social community for real estate professionals.- Explore the world's largest storehouse of real estate knowledge
- Access free training on ActiveRain University
- Share the experience of life in the real estate industry
- Grow your business through real estate blogging
- Blogs
-
Resources
Product Reviews Curious as to what others in your profession think about a certain product or tool? AR's community takes the time to leave honest and transparent reviews of their experiences so you can be a bit wiser about your purchase.
- Broken down by categories and subcategories for easy finds
- Get an unfiltered look at what real users are saying
- Leave a review yourself for others to benefit from
- Add new products as you use them and gain points for doing so
|
Along with loan documents condominium documents rank high among the paperwork buyers should read before closing on the purchase of a Northern Virginia condo. 
;)
;)
;)
Find VA real estate agents and Woodbridge real estate on ActiveRain.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
© 2013 ActiveRain Corp. All Rights Reserved
18 Comments on Condo Documents-More Than A Cure For Insomnia
Cindy
Great post, both the customer and the Realtor need to understand the Condo docs.
Good luck and success.
Lou Ludwig
D'oh!! Never buy a condo without knowing the rules, even if they're BIG!!
Great post Cindy. It's amazing what other agents will want you to do and what that some buyers will do (or not).
Those documents can be huge, but if you know where to flip it's helpful. And I bet there is a table of contents.
Lou-condo documents are not something to be ignored in our current market.
Liz and Bill-you can always find the important information such as the condo budget without having to read every page.
Michael-when they said the buyers didn't read the documents because they were to big I knew they were in for a surprise. The condo has an ongoing special assessment which I'm sure they won't be thrilled to learn about.
Anne-yes there is a table of contents to help guide you to critical information.
Along with the condo docs, it would be great if they would read their contract too! Suggesting and reblogging this one.
Cindy,
Great reminder how important it is to read these kinds of documents. So a condo ass would require permission on what could be installed inside the home. That is interesting and is something I would be quite upset about if I learned that after the fact. We cannot be lazy with these kinds of things.
Cal
If you are purchasing a condo, the condo docs are a must read.
Georgina-what read the contract I signed and follow the T&C's? It is a different RE world than just a few years ago.
Cal-hardwood floors are one of the top issues with condo's. Noise factor in some buildings and most have rules about underlament and then the % that must be covered with area rugs.
Rodney-some condo associations are very strict on what you can and can not do. If you aren't happy after you buy there isn't much you can do about it.
The two biggest problems with condo docs is that they are always too much to fax or e-mail (even in pdf format they often don't make it when the receiving parties e-mail account can't handle the file) and they are so large tha nobody ever reads through the entire thing!
I once lived in a townhome for 7 years and NEVER during that time did I read the condo docs - it was a BOOK!
Barbara Jo-In our area it isn't unusual for the cost of the condo documents to be $250.00. Then if you live where there is both an HOA & a Condo fee it jumps to $500. A big strain on sellers budget.
Cindy:
This is a great post that potential buyers of condominiums should take to heart. Although you will want to include a well written disclaimer, you and other real estate professionals may want to consider preparing the equivalent of an index or executive summary of large documents like condominium bylaws. While encouraging potential buyers or owners of condominiums to actually READ the documents, in today's world few people will. As a city assessor and real estate appraiser I have several document "summary" forms that I use for appraisals, condominium bylaws, lease agreements, and other large documents. Although these summaries are mostly used internally, at times they are provided to local government boards and commissions.
Richard-interesting idea. Of course the documents themselves are indexed and each section has a header with major topics. So if they want to know about the budget it is in the Financials section. When I'm working with a buyer looking at a condo I sit down with them and go over the major sections. But apparently most agents just shove them into their buyers hands and say read.
Login or register to leave a comment