Common mistakes buyers make when buying a condo:
– not asking “condo questionnaire” questions before making an offer (buildings must meet lending criteria unless you are putting more than 25% down and it’s better to find out quickly whether you will be able to get a loan in the building or not)
– not reading your condominium documents during your 3 day condo doc review period (the building may have restrictions on leasing and you may be thinking you are going to rent the unit out or the building may have chosen to waive reserves and you may not be ok with that)
– waiting until right before closing to apply to the condo association (it can take two to three weeks to be approved and if there is a back up offer on the condo you are buying and you cannot close on time because you didn’t apply to the association, you may lose the unit)
– not including a condominium association rider as part of your contract (this is an extra “safety net” if there is any problem with the building and it specifies which parking space(s) are included)
– asking whether parking is deeded or assigned. If assigned, your parking space can be changed. Not the end of the world, but good to know…
– not requesting (in writing) the budget and most recent year end financials… The condo association rider states they must be requested in writing.
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