Should Buyers have inspections on condos?
Yes! Hire a professional structural engineer or home inspector. Check them out prior to setting up an appointment. Ask that they inspect the unit, roof, structure, garage, etc. Remember – you are buying into a common ownership area in addition to your unit. If the roof is bad or there are leaks in the common hallways or cracks in the foundation – you will be affected.
Insist that your agent make this a condition of your purchase. You do not want to be surprised by an unplanned assessment. Have inspections done on new construction condos!
Does the disclosure law apply to condos?
Yes. All sellers must supply a property disclosure form to the buyer.
Are there any restrictions on condominium owners?
It depends on the condo association. Some typical restrictions may include the restriction of pets on the premises, renting out the condo to another party, changing the outside appearance of the condo, noise limitations, restrictions on times for operating the washer and dryer, and so on.
What are the differences between a condominium and a co-op?
In a co-op situation, you do not own the unit outright, rather you own stock or shares in the whole building. There are also usually more restrictions. The restrictions can include higher down payments, rental restrictions, and board approval may be required. In addition, very few lenders will finance buying into a co-op. Co-ops are usually okay if you are planning on living there for many years.