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Old 04-26-2009, 03:42 PM
 
124 posts, read 228,655 times
Reputation: 48
Default Condo reserve fund questions...help

Hi all I am a first time home buyer. I am looking at condos in Verona. I've been searching for a condo for the past few months and found one i really like, thinking of putting an offer in.

I've asked my real estate agent for info on the condo association and a few things concerned me. I've never purchased a condo and am not familar with all of the rules.

Should these be deal breakers???

-Asked for copy of Condo Association meeting minutes, and the association manager said no because it had private info on some of the owners. (real estate agent said we can try to ask again)

-Only $8,000 in Condo reserve fund. Last year they used $142,000 for roofing projects. (this seems concerning)

-1 assessment in past 10 years and none planned in the future

-136 units, of which 28 are rented. 3 are deliquent in association fee payments

-Association fee is 300 per month for 1brs and higher for 2brs

-Copy of condo bylaws: i was told it is usually transferred from seller to buyer, if not it is $50 fee
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