Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In my experience, you can't get them prior to an offer. However, you can make your offer contingent upon receipt of and satisfactory inspection of condo docs. So you get the docs and a chance to review and if they look bad, you can walk away from the deal without penalty.
If the association is professionally managed, they generally have a packet that they are used to providing. That would include both financials and CC&Rs, so you can make sure there are no restrictions that would be an issue for you - some common ones would include limits on renting out the unit and number/size of pets.
In Massachusetts, the condo master documents are on file with the county register of deeds. They're easy to find online.
Like some have mentioned, there's a big difference between small and large associations, and associations managed by professional teams or self-managed.
If you're at all risk-averse, you might want to rethink buying in an association. Full disclosure is rarely forthcoming in a poorly run association.
I personally think the meeting minutes give better insight into the "mental health" of the association. If they read like a NYT bestseller, run!
In Massachusetts, the condo master documents are on file with the county register of deeds. They're easy to find online.
Like some have mentioned, there's a big difference between small and large associations, and associations managed by professional teams or self-managed.
If you're at all risk-averse, you might want to rethink buying in an association. Full disclosure is rarely forthcoming in a poorly run association.
I personally think the meeting minutes give better insight into the "mental health" of the association. If they read like a NYT bestseller, run!
Full disclosure is also rarely forthcoming in a well run condo either. Even more reasons not to disclose.
Lets say a condo has a great year, arrears fall, renegotiate contracts, weather milder than normal so electric bill falls in common area, catch a break on the insurance prem, win a big property tax cut etc. Put that in minutes and owners want their maint lowered or clamor for a rebate. Long term you want to build reserves or save for a big capital project. So no mention in the meetings or minutes. Folks have to wait till financials come out and dig in. But folks who read financials understand why it was done, the folks who only go to anual meeting or read the minutes just hear extra cash and want some.
Or limits on special assesments/dues increases. Also this might sound trvial but trash cans left outside was a big one for me. No one wants nasty trash smelling up there garage but some condos wont allow you to keep them outside regardless of what kind of lid they have.
Quote:
Originally Posted by emm74
In my experience, you can't get them prior to an offer. However, you can make your offer contingent upon receipt of and satisfactory inspection of condo docs. So you get the docs and a chance to review and if they look bad, you can walk away from the deal without penalty.
If the association is professionally managed, they generally have a packet that they are used to providing. That would include both financials and CC&Rs, so you can make sure there are no restrictions that would be an issue for you - some common ones would include limits on renting out the unit and number/size of pets.
In my experience, you can't get them prior to an offer. However, you can make your offer contingent upon receipt of and satisfactory inspection of condo docs. So you get the docs and a chance to review and if they look bad, you can walk away from the deal without penalty.
If the association is professionally managed, they generally have a packet that they are used to providing. That would include both financials and CC&Rs, so you can make sure there are no restrictions that would be an issue for you - some common ones would include limits on renting out the unit and number/size of pets.
This is sound advice especially as to what and when you get all the information can vary from state to state. I say put the onus on the seller to provide such and give yourself an out.
As a seller, I would be damn sure one got a copy of everything they requested so we can move forward.
This is sound advice especially as to what and when you get all the information can vary from state to state. I say put the onus on the seller to provide such and give yourself an out.
As a seller, I would be damn sure one got a copy of everything they requested so we can move forward.
The seller should give this junk to the realtor ahead of time in electronic form so she can just email it to potential buyers when requested.
Eventually the buyer will be required to sign on to the HOA rules and if they fail to do so that's the end of the deal. Unless the HOA allows them to own the condo without signing on, that would be a smoking deal for the buyer. No original signature means no legal liability.
Eventually the buyer will be required to sign on to the HOA rules and if they fail to do so that's the end of the deal. Unless the HOA allows them to own the condo without signing on, that would be a smoking deal for the buyer. No original signature means no legal liability.
Still wrong.
The deed will cite all covenants and restrictions of record, and if the buyer accepts and records the deed, the buyer is buying into the CCRs.
Seriously dude, I know that. Eventually it will have to be signed and if its not then the deal falls through.
I think you will find that some condos get conveyed without disclosure of CCRs.
It isn't right, but I strongly suspect that it happens.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
