Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz!!!

April 29, 2008

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC

Ladies and Gentlemen, Sharpen Your Pencils…Pop Quiz!

1.True Story: In Charlotte, NC, there is a nice, older townhome community located between South Park and Quail Hollow. It has three pools, a lake, tennis courts and a nice clubhouse. The units are all brick, quite spacious and may need some updating. But the prices are rising and I for one have always thought they were a sensible buy. Well, according to a closing attorney I spoke with yesterday…a man from the North bought one the units and moved in, carrying his stuff back and forth from his apartment in his truck.
Do you think he read the documents before signing on the dotted line?
Do you think there might be anything in those documents about trucks and boats?

2. This is my current favorite. In one of the uptown new towers, a fellow bought a unit that he says he bought for his folks who since the purchase now have health issues. So he signed up a property management company to lease the property for him. A woman transferring from Texas signed a year’s lease, got all moved in and was loving it.Until she was contacted by the concierge who said that unit was not bought to be a rental. She was told she would have to move.
Do you suppose anyone, owner or property manager read the documents?

3. Folks who live at The Lake or in Ballantyne will sometimes buy an uptown condo as a second home, often to get a better rate than an investor would. Or at Piedmont Row in SouthPark…so, would that skew the investor ratio?
Would there be a clause in the documents that refers to a certain period before an owner can lease or sell?

Yes, the documents are like a book. Maybe a 100 pages and it is dry, dry, dry. I take that back, I actually like reading them. Documents are important, folks.
It’s your money.

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
PS. Answers. Hold your phone upside down to read:
Q1 Trucks are not allowed. He had to sell the truck.
Q2 Jury is out. The tenant did not cause the mess.
Q3.Too many investors will change the complex profile adversely.
Q4.You can always make your offer to purchase contingent on having a real estate attorney read the docs for you within a certain time frame.