Before buying into condo ownership do this….
If you are considering purchasing a Boston condo, it is very important to read the building condo documents carefully. The rules of each Boston condominium complex are specific to the development, so no assumptions should be made about their requirements. The Boston condo documents specify what maintenance is covered by the common budget. In one case, the association may handle all exterior components, decks, pools, sidewalks, driveways, etc. In another, the documents may require that the individual owners be responsible for complete maintenance of their units, including foundations, roofs and exterior walls.
After reading your Boston condo documents carefully, you may have questions about the division of work between the individual owners and common budget administered by the condo association. Your best option is to present your question to the condo board itself. The board can clarify how the issue has been handled in the past, or give you their interpretation of the rules. Another course of action is to ask a real estate attorney to review the documents for you. Other homeowners, Realtors or maintenance workers are not reliable or appropriate sources for the interpretation of condo documents.
When placing an offer on a Boston condominium have your lawyer of Boston real estate agent add a provision that you, the buyer be given a copy of the condo documents, with a certain period of time to review them. By doing this you, the buyer may decline the contract with no penalty during the document review period. Also request a copy of the budget and copy of the last 6 months of the condo association metering notes When submitting an offer on a Boston condo you want answers questions regarding current budgets, special assessments, insurance, lawsuits and other matters that affect the association.
For more information please feel free to call me at 617-595-3712.
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