Falmouth MA Condo for Sale
If you are involved in buying a Falmouth MA condo, it is important to understand the legal ramifications of this form of ownership. Rules and regulations regarding the sharing of common areas, amenities and the land parcel have been stipulated in the condo docs. A condominium has its advantages but in some cases a specific Falmouth condo development may have restrictions that do not fit your lifestyle. To evaluate condos and single family homes for sale, visit Falmouth MA real estate.
What is a Condominium
The word condominium describes a form of land ownership and are governed by laws set out in Chapter 183A of the General Laws of Massachusetts and known as the Massachusetts Condominium Act. This act covers the requirements for unit owners and condominium associations including matters related to interests in common areas and facilities, mandatory provisions for the association's by-laws and expenses incurred by the association of unit owners.
Condominiums in Falmouth consist of 2 or more units, the interior of which are individually owned. Unit owners share joint ownership of common areas (grounds, hallways, etc.). The master deed is a document that places the land into condominium status and details the ownership structure. If you were to buy a Falmouth MA home, you would own the land and the building and could have joint ownership of additional land and improvements. This type of ownership is often referred to as PRD (Planned Unit Development) or PUD (Planned Unit Development).
Each unit owner will own a "percentage of interest in the common areas" as outlined and specified in the master deed.The boundaries of individual ownership and common ownership are also described in the master deed. The typical areas for common ownership other than the land parcel include elevators, hallways, staircases and amenities such as pools and tennis courts. Some areas that are held in common, such as a parking space, balcony or patio, can be designated for exclusive use by one or more unit owners. This typically will include balconies, patios, and assigned parking spaces.
Falmouth MA Condo Styles
- Garden (flat) - Living area confined to one level.
- Townhome - Finished living space on two or more levels.
- Detached - Free-standing building (no other unit is located in that same building).
- Duplex - Often referred to as a condex with two units that are attached. There may be several duplexes/condexes within a particular complex.
- Triple Decker - A triplex unit typically a conversion from a 3 unit apartment building.
- Loft - Large open areas with high ceilings that may have been converted commercial or industrial space.
- Low Rise Building - A building with primarily garden-style units and no more than 4 levels in the entire building.
- Mid Rise Condo - Usually a building between 5-10 stories with retail or commercial mixed uses.
- High Rise - May contain garden and townhome units and greater than 4 levels total in the building. High rises are commonly serviced by an elevator.
Management and Associations
Trustee meetings are scheduled per the by-laws and are documented in meeting minutes. The unit owners meet on an annual basis, at a minimum, to ratify the budget, review expenditures, etc.
Monthly Condo Fees
The management and maintenance of the association is determined by the Trustees and ratified by the unit owners as specified in by-laws of the condominium. The monthly fees paid by each unit owner are calculated based on budget and the percentage of each owner's interest in the common area. Special assessment may be necessary to cover expenses that are not in the budget or the reserve funds. Based on the amount of shortfall, this may be charged as a one-time fee or spread out over several months or years.
Rules and Regulations
The Rules and Regulations regarding the use of the condominium and facilities are usually determined and established by the Trustees and may be voted on and changed from time to time by the Unit Owners.
What a Falmouth Condo Buyer Should Know
Visit Falmouth MA homes for sale to view all condos for sale.
If you are thinking of buying a condominium unit, be sure to review:
- Condominium Documents - Master Deed, Condominium Trust, etc.
- Rules & Regulations - Pets may not be allowed. Can you rent the unit?
- Financial Statements - Annual and Current Budget, Delinquency Rate
- Capital Reserve Fund - Will FHA approve the fund?
- FHA, VA Approval - Is a current approval in place?
- Special Assessments - Pending and approved
- Management Company - Is there one? Who is it?
- Pending Legal Actions - Are there any?
- Ownership Concentration - How many units are owner occupied?
- Monthly Condo Fee - What does it cover?
- Master Insurance Policy - Verify coverage
- Annual Meeting Minutes and Trustee Minutes (When Available)
If you are going to buy a Falmouth MA condo you should have the documents reviewed by your attorney. Your Falmouth Buyer's Agent should also be certain your offer provides for a cancellation should any part of the documents not be acceptable to you.
Importance of Working With a Falmouth REALTOR in Your Condo Purchase
Condominium structures and considerations vary by city, state and region. The above is just a general guideline on the most common type of condominiums. Your Falmouth REALTOR can provide additional details and educate you on everything that you need to know regarding your condo purchase, including information on co-ops and informal complexes such as converted multi-family buildings. Virtual Homes real estate has a network of experienced REALTORS ready to assist you in purchasing a Falmouth MA condo.
If you are interested in pursuing a Falmouth MA condo or home currently on the market, please contact me at Laurie Bailey-Gates Realtor for more information or call 508-265-6722 or 800-856-2479.
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