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If your condo association is *this* big of a PITA now, can you imagine how living there is going to be? I would run as far and as fast as I could away from this place.
20yrsinbranson
Yes, yes, I totally get your point. But it's complicated, as I've written above. My Dad already shared the condo, as a snowbird, with his girlfriend, who passed away. He renovated and updated it a little. And he bought all the furniture. And he even paid her rent because she purchased it. So we've already invested in the condo so to speak, financially and emotionally. Because of that we are getting a deal on the price, not an incredible deal, but some savings. It's by a lake, and near the beach. It's nothing fancy, but I like it, and it would be very hard to find an equivalent condo in that price range. So to walk away from all that is not what I want to do.
Some people are not cut out for condos but, around here, the application process you are discussing is very typical. The people telling you otherwise are well meaning but wrong. People think a condo is a condo is a condo but they are so wrong. There are many different versions and those differences can have a big impact on your future costs. Do you know if there have been assessments recently? Are they completely paid or will you take over the payments? Are there assessments coming up or expected in the next year? This is why you get the docs, etc. and review them before you turn over your info and pay the $100 or whatever for the background check. Same with the home inspection. Is it As Is or do the sellers fix stuff? Hey, do what you want but I can tell from your comments that you are unprepared for this as of right now and your Dad is way too cavalier about this. What you don't know can hurt you...surprise...and an agent's job is to shepherd you thru every aspect and step of the way. Ask the attorney if he/she is doing that or, for that matter, if they have any obligation to protect your interests in the transaction. Maybe yes, maybe no but you will want to know that.
Some people are not cut out for condos but, around here, the application process you are discussing is very typical. The people telling you otherwise are well meaning but wrong. People think a condo is a condo is a condo but they are so wrong. There are many different versions and those differences can have a big impact on your future costs. Do you know if there have been assessments recently? Are they completely paid or will you take over the payments? Are there assessments coming up or expected in the next year? This is why you get the docs, etc. and review them before you turn over your info and pay the $100 or whatever for the background check. Same with the home inspection. Is it As Is or do the sellers fix stuff? Hey, do what you want but I can tell from your comments that you are unprepared for this as of right now and your Dad is way too cavalier about this. What you don't know can hurt you...surprise...and an agent's job is to shepherd you thru every aspect and step of the way. Ask the attorney if he/she is doing that or, for that matter, if they have any obligation to protect your interests in the transaction. Maybe yes, maybe no but you will want to know that.
OK, thanks for the advice. It is AS IS, but as I said Dad has already lived there, knows about assessments, and he already did repairs etc. So, it's kind of like I'm buying HIS condo....if that makes any sense.
This is no more info than you would give if you were applying for a loan. If you want the place and it's a deal I would just do it.
It's not the deal of the century, it's certainly not perfect and I will need to do some additional interior work to update it, but I really have fallen in love with the place.
Thank you for your reply. But I'm wondering how I can communicate this to them politely. My elderly father, who knows these people, and will be staying in the condo for a month or two in the winter, is extremely concerned that I might "offend" the association members and that they will then nix the sale. Could they even do that?
Oh, and I forgot to mention, they also want to know who else might be staying at the condo, and also their information. Now unless I'm planning to bring in 20 illegal immigrants, what's that to them?
I purchased a few properties in HOA communities. I was never asked for that much personal information by a HOA. But none were in Florida either. Even if I was I wouldn't do it. This whole deal smells fishy to me the way you explained the purchase.
I believe the HOA barring you from the sale is called restraint on alienation. Looks like some HOAs can ask to have a background check but some of the info has no bearing on a background check. Very invasive. Let your dad buy it himself.
Unless your Dad attends the board meetings, I'd still want to know if they are looking at future assessments and I'd want to know how many unit owners are behind in their payments, for how much, and whether they expect to be able to collect. I'd also want to know about their reserves. Buildings need painting, roofs get replaced, sometimes windows, balconies, roads, etc. do too. If the reserves aren't adequate, it's assessment time. I know you just want to buy the place but sometimes a deal isn't the deal it is supposed to be. I'm not trying to talk you out of anything or into anything, for that matter. But, just like anything else, you need to know what to look for or ask about so you don't end up getting screwed....or screwing yourself! BTW, some condos can be located in an HOA, too. You might want to check...
Unless your Dad attends the board meetings, I'd still want to know if they are looking at future assessments and I'd want to know how many unit owners are behind in their payments, for how much, and whether they expect to be able to collect. I'd also want to know about their reserves. Buildings need painting, roofs get replaced, sometimes windows, balconies, roads, etc. do too. If the reserves aren't adequate, it's assessment time. I know you just want to buy the place but sometimes a deal isn't the deal it is supposed to be. I'm not trying to talk you out of anything or into anything, for that matter. But, just like anything else, you need to know what to look for or ask about so you don't end up getting screwed....or screwing yourself!
This is my concern.
It does seem like "no big deal" because of her dad's famililarity with the unit and the situation, but the OP is buying into much more than just the unit, and because of that she is being asked to gloss over a lot of important info.
Everything will probably turn out fine, but she is wise to ask these questions.
She came here with legitimate concerns and I think it's good that she is listening to her gut.
Unless your Dad attends the board meetings, I'd still want to know if they are looking at future assessments and I'd want to know how many unit owners are behind in their payments, for how much, and whether they expect to be able to collect. I'd also want to know about their reserves. Buildings need painting, roofs get replaced, sometimes windows, balconies, roads, etc. do too. If the reserves aren't adequate, it's assessment time. I know you just want to buy the place but sometimes a deal isn't the deal it is supposed to be. I'm not trying to talk you out of anything or into anything, for that matter. But, just like anything else, you need to know what to look for or ask about so you don't end up getting screwed....or screwing yourself! BTW, some condos can be located in an HOA, too. You might want to check...
THIS^^^^^ they want info you want info too. Fir all you know the HOA is running on empty.
I'm buying a condo in Florida, in cash. The seller has already accepted the offer.
The Condominium Association there says that they have to approve the sale, so I have to fill out an application.
On the application they want:
- my social security number
- bank account number
- copy of birth certificate
- copy of driver's license
- previous address etc
- references
- and two more pages of information
And an interview. I don't even live in Florida yet, so I'm assuming a phone interview will suffice. I've already met some of the condo association members when I visited, so it's not like they haven't met me.
I'm paying cash. The previous owner's estate has already accepted my offer. I'm obviously not insolvent. THe monthly condo fee is low and I would be responsible for my own utilities. It's not a rental property. So, much of this information seems unnecessary and also none of their business, and leaving me at risk of identity theft if the information gets in the wrong hands. They seem very casual about their record-keeping and I have no assurances about how they would store this information.
For example, I don't mind if they phone my bank and my bank is allowed to tell them I have a bank acccount and enough money to cover say a year or two of condo fees, but to provide them with my account number?
This is not a professionally managed property management company but a homeowner's association, who do not seem to be very good at record keeping, given that they cannot seem to come up with any of the documents I am supposed to be supplied with. When I asked for a copy of the by-laws and rules they said "can't you get that from the previous owner?" --- it's an estate sale and she's dead.
I had a condo in Kentucky for years, and I never had to go through any of this B.S.
Is this typical, does anyone know? Is it even legal?
Actually, since you are purchasing a portion of common real property that you share with other owners, they have every right to request this information. You are becoming a member of an association, not just buying an apartment.
If you have issues with their request you probably should see a lawyer.
But, for your own light reading here is a copy of Florida's statutes regarding HOAs:
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