Condo questions

May 02,2022 | Posted By Flavia Brown in Real Estate

Seller's answers to Buyers' following questions should provide sufficient knowledge for a potential buyer to decide whether or not to make an offer on a condo or townhouse. Not all questions are applicable, and some questions will be answered during the 17-day investigation period (contingency period):

+ Do you have the state-mandated disclosures ready? They include the HOA packet (CC&Rs, Bylaws, financials, reserves. and the most recent 12 months of meetings minutes. They aren’t due until 7 days after an offer is accepted and ratified, but many sellers have them ready when the property goes on the market. Or at least the Transfer Disclosure Statement (TDS) and the Seller's Property Questionnaire (SPQ) will be available. The required disclosures are available on my website: homesbyflavia.com, click “Blog” and scroll down to “Seller’s mandated disclosures.” Also, scroll down to “Condos and townhouses” for more helpful information.
+ Are there adequate reserves for repairs and maintenance? If yes, there shouldn’t be any special assessment. There should be at least 25% of the total budget for repairs and deferred maintenance.
+ Are you aware of any existing or forthcoming special assessments?
+ Are you aware of any litigation against or by the HOA?
+ Are the smoke and carbon monoxide detectors working? If the smoke detectors are older than ten years they must be replaced (state law).
+ What does the monthly HOA fee cover?
+ What does the HOA master insurance policy cover?
+ What amenities does the HOA provide (pool, spa, gym, etc.)?
+ What positive and negative comments do you have about the HOA and the management company?
+ What percentage of the owners are in arrears on their HOA fees?
+ How many parking spaces for your unit?
+ Is there any storage space in the garage or elsewhere?
+ What is the current percentage of rental units? (more than 20% could be a problem for lenders).
+ Is the complex FHA-approved?
+ Has there been any water damage or insurance claims during your ownership or during the past five years?
+ Any recent repairs in your unit or the building?
+ How good is the soundproofing? (The number one complaint from condo owners is noise through walls and ceilings).
+ Is there Wifi in the building?
+ What are the ages and conditions of the water heater and furnace?
+ What is the age and condition of the central air conditioning, if any?
+ What is the size restriction of pets if they are allowed?
+ What kind of view is there from your unit?
+ What businesses, restaurants, and other attractions are in the neighborhood?
+ Are washer/dryer hookups in the unit, or in the building?
+ Is there a fireplace? Woodburning or gas?
+ What appliances are included in the sale?
+ Will the HOA be responsible for any needed termite damage repairs?
+ What are the upgrades, and approximate upgrade dates?
+ Are the windows and patio door dual-pane insulating glass, or single pane?
+ Is the building in an earthquake fault zone or fault line?
+ For townhouses: Does the yard slope down or up from the building?
+ For townhouses: Does the driveway slope up or down from the building?
+ For townhouses: Is there a sump pump?

Buyer's agents usually ask these questions:

+ Why are you selling?
+ Why do you think your condo hasn’t sold yet?
+ How many showings so far?
+ Any offers? How many?
+ What objections have you encountered from visitors?
+ Your asking price may be accurate. What is it based on?

Note: An interesting article: https://merrimackvalleymarealestate.com/questions-before-buying-condo/

Your questions are always welcome. Best regards,

Flavia Brown, Realtor

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