Who's On First? Condo Q/A

May 9, 2008
Who’s On First? Condo Q/A

Lynnsy Logue The Real Estate Lady and Condo CanDo in Charlotte NC
It’s Friday and time for Condo CanDo’s Questions of the week.
1. If I am buying new construction, the building hasn’t been started, the builder’s representative says the building will take eight months to build. They need 30% sold to get bank financing….and it is now 12 months after I gave them a big deposit, they haven’t reached the 30% and a long way off…how could I have avoided this?
Tough questions. The builder holds the cards. By law, 100units or less the builder can’t hold you to the legal requirement of 24 months. But if it’s in the contract, they can. I think I would be inclined to stagger the deposit. So much down, so much when they start and hire an attorney to craft language so you are not out on a limb.
My personal goal would be for buyers to know they drive the market.
2. Can an existing condo complex rewrite the rules and regulations to limit investors, not allow any more investors and to define who may rent units that will be grandfathered in?
Yes. More and more of the older complexes in Charlotte are doing this. Takes time and money and a good attorney. Takes getting the percentage of owners to sign that is outlined in the documents. But worth every penny in the long run.
3. When a condo is foreclosed, does the bank pay the monthly home owner’s dues, keep up with payment on any assessments if there any pending, check the unit to make sure it is in good repair, no leaking pipes or trash piled up?
No. They are banks not property managers. Condo Associations have to be pro-active to protect everyone’s property values.

4. I have heard it said that curb appeal drives the sale…we live in a condo, what can we do?Most folks are quick to say they want a condo. They are tired of cutting the grass. But you still have responsibility to be involved with the association, know the rules and regulations and be a good neighbor. Neat and clean go along way in the presentation of your condo…even in the glitziest condo tower, there are shiny windows, a handsome lobby, no trash in sight or coffee cups and papers. It’s home, people.
Got questions on condominiums or townhomes?
Send them our way and we’ll do our best.

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