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« Buying a Home in Connecticut? A Few Costs You May Not Know About | Main | We Won SBCA's 2012 Best of Business Award in the Real Estate Category »
Tuesday
Mar262013

Review the Condo Documents for your CT Purchase - It's All in the Details.

Buying or selling a condo? Review the regulations for that complex thoroughly.

When you buy a condominium, your purchase is subject to the Common Interest Ownership Act (CIOA). You have a right to review the documents, financial status of the association, and any rules associated with that complex.

Sometimes, we run across what seems to be odd rules. For example, at one condo complex, you are not allowed to have curtains or draperies on your windows- only blinds. At another you cannot park a vehicle that has a commercial plate, or have any kind of signage on the car. Another does not allow renters of any kind- (which would include a roommate).

When you sell that condo in the future, generally speaking, you are responsible for paying for the documents for the buyer that wishes to purchase your home. That cost  can be a few hundred dollars, and the documents also take time to prepare.

On one recent condo transaction, the buyer found a clause that referred to continued maintenance of the interior of the unit by the owner, which included replacing the hot water heater every 10 years.  Since the hot water heater was 14 years old, that buyer was well within her rights to ask-- scratch that-- DEMAND a new hot water heater.

It pays to look at all of the details. have your attorney thoroughly review all documents relating to your purchase, and have your attorney verify any ambiguous requests that could arise from language in the accompanying resale package.

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The Featured Home of the Week is at 125 Norton Road in Easton  for $1.4M. See the virtual tour HERE

 

 

Buying or Selling a Condo in Fairfield County?  Contact us!

If you have a question about buying or selling a Condominium in  Fairfield County, and are in need of representation, I invite you to contact me. I know the market like the back of my hand, know marketing inside and out, am a skilled negotiator- and I'd love to be on your side :) - Judy

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