This is the sixth installment in our video blog series on Questions to Ask Before Buying a Condo in Andover and beyond. If you’re thinking about buying a condo in Andover or anywhere in Massachusetts, you’ll want to be informed on every aspect of the property before you purchase it. It’s important that you know just the right questions to ask to uncover any issues before you buy.
Is the association involved in any pending legal actions?
Are there any pending investigations against the association or is the association suing anyone?
This question is important because when you apply for your bank loan, this answer if affirmative, will basically stop your financing and make it difficult for you to get a loan to purchase a condo in the complex.
Pending litigation is something in writing with activity on a lawsuit. It is not chatter or word of mouth. For example, there may be legal disputes between owners or with the association, which can mean the association is poorly run.
When there are legal actions, there will be attorney fees which are paid through the condo association’s budget. This can mean future assessments that the condo owners will be paying for.
For these reasons, it’s in your best interest to find out about any pending legal investigations against the association before purchasing a condo in the complex.
More Questions to Ask Before Buying a Condo:
1. What is the Condo Fee & What Does it Cover?
2. What are the Condo Rules & Regulations?
3. How Much Money is in the Reserve Account and How Much is Funded Annually?
4. Are There Any Pending Special Assessments?
5. Who Manages the Condo Complex?
6. Is the Condo Association Involved in Any Pending Legal Actions?
7. How Many Condo Units are Owner Occupied?
8. How Many Condo Units are Delinquent on Paying Their Condo Fee?
9. Do Condo Unit Owners Have Exclusive Easements or Right to Use Certain Common Areas?
10. What does the Condominium Complex’s Master Insurance Policy cover?
For over 30 years the Prime Property Team and Ron Carpenito of Keller Williams Realty Andover have been helping home buyers and sellers in Andover, North Andover, Haverhill, and the Merrimack Valley with their real estate goals. If you’re thinking of buying or selling a home anywhere in Massachusetts or know someone who is, contact Ron today at (978)494-0346.
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