April 8, 2008
It’s Tuesday and once again, Condominium Documents…
Lynnsy Logue The Real Estate Lady® and Condo CanDo® from Charlotte NC
After a buyer finishes with the statement, “I don’t want to cut the grass”…please weigh in on the time and effort it takes to be a good and an active member/resident of a condominium community.
Last Tuesday, I ended with:
Every Tuesday, our podcast and blog will talk about some of the fine points. On our website www.CondoCanDo.com we will be publishing Typical Condo docs for your amusement, amazement and need to read lists.
Continuing:
The way to find out if any changes have occurred in the documents is to ask the President of the Condominium Association. Better yet, read them yourself. And it is a wise practice whether new or resale to make sure the purchaser receives a copy of the condominium documents. For instance, when purchasing a condominium years ago at the then brand new 400 N. Church, I read where the parking spaces were leased. Or in the case of The Park still under construction, a purchaser might be interested to know who owns the first level. Or with a complex in Ballantyne long perceived to be completed, another section is being built, this time commercial instead of continuing the residential plan. Small print, anyone?
Many state laws have a “cooling off” period for condominium buyers, which gives them time to take the documents to their attorney for review. Note: This is especially true for the sale of new units. This is not necessarily the case with resales. But reading and approving the documents by a certain time could be a contingency.South Carolina is ahead of us in North Carolina in that their law requires that the closing attorney must certify that he/she has read the condominium documents.Knowledge creates a positive attitude. A lack of knowledge creates a negative attitude.
Next Tuesday: The Community Association Institute
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