Along with loan documents condominium documents rank high among the paperwork buyers should read before closing on the purchase of a Northern Virginia condo.
Since Cindy Jones and CJ Realty Group sell a significant number of Belmont Bay Condominiums in Woodbridge VA we often have agents asking questions about condo rules and regulations. This past week an agent called who recently represented buyers on the purchase of a Belmont Bay condo. The owners were anxious to get the home on the rental market and had a couple of questions.
As thoughts of rot row passed through my mind I asked them which condo building they had purchased in. It turns out they had purchased in the building that in November passed a lease cap addendum limiting the number of rental units to 25% of the total building units.
Had the buyer read the condo documents? No. We immediately put them in touch with professional management company that handles the association to deal with the matter. Most likely they have just purchased a condo that will either sit empty or will have to become their primary residence. Had they read the condo documents they would have known and could have found out BEFORE they closed on the purchase.
Condo documents may be bulky and they might be a great cure for insomnia but reading them might save you from an unexpected financial surprise after you move in.