Condo Management Associations

By
Real Estate Agent with Property Angels

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. 

  

Comments (3)

"Tommy" Decebal
HomeSpector Inc. 516-851-5833 - Farmingdale, NY
Adamescu Long Island NY MASTER Home Inspector
  • 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
  • Oct 27, 2007 10:36 AM
    "Tommy" Decebal
    HomeSpector Inc. 516-851-5833 - Farmingdale, NY
    Adamescu Long Island NY MASTER Home Inspector
    Laurie Mindnich
    Centennial, CO

    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.

    Sep 08, 2008 02:37 AM