Before making the decision to buy a condo, it is critical that you ask certain questions. The following are three important questions buyers of condos in New York need to ask before they commit:
Ask about litigation the condo association is involved in
Make sure to ask whether the condominium association has had past litigation or has any pending litigation. If owners are suing other owners, or there are disputes with the management team or with the developer, these should serve as warning signals. Condo communities that are involved in litigation often have underlying problems, such as bad management. In certain states, you can search the court database to see whether the condo association has had any lawsuits in recent years.
Ask about the rules and regulations of the condo
It is also important that you ask about the rules and regulations of the condo. These answers can dictate whether it is the right community for you. For example, make sure to ask what the policy is toward pets. Another question is whether owners are allowed to rent their units. Take the time to go over the community rules carefully, so you can be certain you are comfortable with all of them.
Ask about special assessments and monthly association fees
It is also important that you get information about special assessments and monthly association fees. Special assessments are charges that you pay one time for capital improvements (e.g. roof replacements); these are required of every condo owner. Make sure that you find out whether you will be charged with a special assessment in addition to the cost of your condo.
The monthly condominium fee is something else you want to get information about. These fees can vary significantly between condominiums. A number of factors determine the monthly fee. These include the development's number of units, as well as the costs of maintaining the common spaces and if the condo is managed professionally or self-managed. Other factors include the development's age, condition, and whether there has been litigation. Knowing what the fee covers lets you assess what you are getting for your money and helps with budgeting.
It is important that you seek the assistance of an experienced real estate attorney to ensure that the buying and closing process goes smoothly. Our attorneys have assisted buyers throughout New York City. We seek to bring total transparency to the buying process, so that you understand every cost before signing any contract.