When moving into a Florida condominium community, owners will likely be required to sign an agreement with the condo association. Before doing this or even making an offer on a home, there are certain things a potential buyer would be wise to do in order to protect his or her rights and interests. Matters related to safety and the finances of the condo association are only a few of the important things to take into consideration.
Safety should be first
After the recent collapse of a condominium building that captured the attention of the nation, those who live in these types of buildings should make safety a priority. Before buying, a potential owner should know about the most recent inspection of the building and whether there are problems that could compromise the integrity of the structure. Buyers may want to ask if there are ongoing safety repairs or special assessments.
The finances of a condo community are important as well. A buyer should be aware of any factors that could negatively impact their long-term investment in the condo. Sellers are required to disclose certain information about the property so the owner can decide if it is prudent to make an offer.
Working with a real estate attorney
When making a residential property purchase, it is helpful to work with an experienced attorney. Potential condo owners can take certain steps that will allow them to protect their rights and interests, as well as avoid potential disputes with the condo association in the future. Before signing a purchase agreement, it may help to seek an assessment of the individual situation.