A Condo Isn't Just a Unit.
It's a Stake in a Building.
When you buy a condo, you also buy into the building's finances, its governance and its future obligations. Here are the questions to ask and the documents to request — before you fall in love with a unit.
Nine areas worth understanding
Milenia helps you ask the right questions and obtain the documents. For answers that require expertise, she helps you engage the right professional.
Reserves & finances
Ask for the current budget, the most recent reserve study and financial statements. Ask how reserves compare with the study's recommendations.
Insurance
Ask for the association's current master policy and what it covers, and what you will need to insure yourself.
Assessments
Ask about current, approved and anticipated special assessments, and what major projects are planned.
Structural inspections
Ask for milestone and structural inspection reports where required, and the status of any recommended repairs.
Governance & rules
Request the declaration, bylaws, rules and recent board minutes. Check rental, pet, parking and renovation rules.
Litigation
Ask whether the association is party to pending litigation, and how it could affect financing or assessments.
Rental & financing
Ask about minimum lease terms and whether lenders are currently financing units in the building.
Seawall & dock (where relevant)
Ask about the condition, recent work and permits for waterfront structures.
Resale considerations
Consider competing inventory in the building and nearby, and what future buyers are likely to ask about.
Guidance, not certification
This guide helps you know what to investigate. Nazaret does not independently vet or certify any building, association, insurance, engineering, legal or financial matter. For structural, legal, insurance or financial conclusions, engage the appropriate licensed professional — Milenia helps you factor their findings into your negotiation.