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Do you think OP will be able to view those documents prior to putting in a contract?
In my neck of the woods, you would not receive those documents until 5 days before closing. Even then, you would only get the bylaws and CCRs, not the minutes.
Many condo listings in my MLS have the condo docs, rules/regs, FAQs attached. Meeting minutes and financials aren't usually handed over before a contract. A buyer of a used condo in Florida has three days right to cancel the contract after receiving the condo docs so agents here are quick to get those docs in a buyer's hands as soon as contract is executed.
Hi! Been renting in the Washington D.C. (Arlington, VA) area for the past 17 years and decided it's finally time to get out there and buy (for the very first time). Am single and targeting a condo, though will also consider a townhouse. For someone who's never been through any of this process before and not knowledgeable at all about any of this, can folks recommend a few books to help me get more knowledgeable about the entire process? Have browsed around a bit and see several books that look interesting, though most of the top sellers appear to be from 10+ years ago, though I'd guess the information in those books are still largely relevant today. Have more than enough money to buy with very good/great credit and stable job - have always just liked where I lived renting so never felt a need to purchase... any advice would be appreciated, thanks!!!
I would say most of the "advice" is to be found online today... In fact, there are MANY threads about owning condos/townhouses right here on CD. I'm gradually coming around to thinking a condo is next for me, too. Although I've owned only a series of SFH so far, I now hate both exterior maintenance and yard work with the heat of a thousands suns!
Do you think OP will be able to view those documents prior to putting in a contract?
In my neck of the woods, you would not receive those documents until 5 days before closing. Even then, you would only get the bylaws and CCRs, not the minutes.
Our HOA has the CCRs, bylaws and recent budgets and financials online. Most local realtors have copies to share with clients. I would not sign a contract to purchase without reviewing them or I could make my review a contingency.
Many condo listings in my MLS have the condo docs, rules/regs, FAQs attached. Meeting minutes and financials aren't usually handed over before a contract. A buyer of a used condo in Florida has three days right to cancel the contract after receiving the condo docs so agents here are quick to get those docs in a buyer's hands as soon as contract is executed.
Knowing how to interpret them is another matter! Are realtors helpful with that? I wouldn't know what to look for within them or what it means, personally.
I think most people who bought property the first time, never had to read any books on it. I sure didn't.
Find yourself a good, experienced realtor. That will be your best source of information. You will learn how things work, and even recent histories and trends in the neighborhood.
Imagine learning the place does not allow or restricts pets and you have a pet.
That's a question I ask my realtor before I even give an online listing a second glance (along with whether or not it can be rented out, as I may want that option). It's beyond me why it's not included IN the listing, as the unit has usually gone under contract in this hot market before I ever get an answer from the listing realtor.
Another thing to consider is that condos are generally harder to resell than SFHs.
Last edited by otterhere; 06-20-2021 at 10:53 AM..
Hi! Been renting in the Washington D.C. (Arlington, VA) area for the past 17 years and decided it's finally time to get out there and buy (for the very first time). Am single and targeting a condo, though will also consider a townhouse.
Have more than enough money to buy with very good/great credit and stable job - have always just liked where I lived renting so never felt a need to purchase... any advice would be appreciated, thanks!!!
When I lived in Alexandria, VA (near Arlington), the condo prices shocked me. It's not so much as the selling price (though high) but the monthly HOA fee were as much as $1,500+
Call me cheap but I just can't see paying that much for a HOA fee. I'd rather considering going further out to buy a single family home instead.
Do you think OP will be able to view those documents prior to putting in a contract?
In my neck of the woods, you would not receive those documents until 5 days before closing. Even then, you would only get the bylaws and CCRs, not the minutes.
I will say that I got my documents about two weeks before closing on my current property, but I'm curious to know if you can request them sooner from the association via the real estate agent
If you can buy a townhouse or single family house that is not a condo and not in an HOA, go for it. No fees other than property taxes and water/sewer bills and you will be the happiest homeowner ever.
As for books, go to your local library and ask where the shelf is for real estate books. Read as many of them as you can, regardless of their age. Verify everything that everyone tells you because there are a lot of liars in this business. Good luck.
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