Hi BP Community,
My friend is looking into purchasing a condo. Before she put in any offers, she would usually ask to get more information from the building association (financials, recent repairs, any delinquent HOAs). However, she noticed that many associations are unaware or unwilling to provide that information.
Is there a way she properly request this information? Are there other factors she could look into when purchasing a condo?
Next time, I'll force her to create a BP account! :)
Michael, is she going through a lender? If so, the lender typically requires the HOA to provide information before they will lend on the unit. They want to know if the Seller is current on dues, if there are any special assessments projected, how many units there are, how many units are owner-occupied vs. rentals, etc.
You should be able to get maintenance history on the condo from the Seller. The HOA could provide maintenance information regarding common areas, but I'm not sure that's necessary if the property appears well maintained.
Thanks @Nathan G. - I'll let her know.
Typically this is only provided after an offer is accepted and it would be a contingency to review the financials of the HOA. Typically HOa’s by law have to have a sellers package that they can charge up to a set fee for these documents and provide as part of a real estate transaction
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