Cherry Hill, NJ Homes for Sale- Condominiums

Real Estate Agent with Cherry Hill and South Jersey Realtor, RE/MAX Main St. Realty

Important Information for Condominium Buyers

For a current list of all Cherry Hill Condominiums

Are Condominium purchases different than single family home purchases?

For the most part they are similar with respect to the overall administration of the sale.  However, there remain some distinctly important differences that all Buyers should be aware of when looking at condominiums.

For one, financing can be more difficult with respect to condominiums. Especially if your financing through FHA.  In that case the condominium association must be approved.  Criteria ranges from number of units rented to fees in arrears to any litigation pending against the association.  Any of these can prohibit financing.  Always check with your Realtor or lender to confirm the association is FHA approved.  More recently conventional financing is looking very closely at associations and requiring condominium questionnaires be completed to assure the integrity of the funding as well. Litigation involving an Association may play a big role in denying the funding of a convntional loan as well.
Beyond financing, A call to the the Association or property management company will allow confirmation of any fees due at closing and affords a nice opportunity to ask relevant questions that can affect your ownership rights such as:

Are there any capital projects scheduled that may lead to an additional monetary assessment to the property owners?

Are there any lawsuits or litigation that might affect your property rights or property value?

Also, when purchasing a condominium or home that is part of an association, be cognizant of any potential administrative fees associated with the association due at closing.  Generally, there is a “move in fee” that can be anywhere from $250.00-$750.00.  That may or may not include association documents, by-laws and other paperwork the Association deems necessary should the current owner be unable to provide it.

Search Cherry Hill Condominiums now.   Get timely community information as well as up to date school reports all invaluable to your home buying decision.



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Ray Thomas - Mullica Hill, NJ

Great info Alan!

Mar 28, 2011 07:40 AM #1
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Alan Orman
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