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.