You can read the previous article in this blog series here: How Do Condos Work – Information on Condo Resale Certificates. This is the third and final post in the series, and it will cover the final things you should look for when you get the condo document package from the seller.
How Do Condos Work – What Else Should You Look for in the Resale Certificate Package?
7) You’ll notice that the documents are prepared on a certain date and that date is listed in the packet, per Virginia law. If you’d like to make sure that something you read about in the documents hasn’t changed from when the packet was prepared up until now, you can verify that with the condo association.
Also, if you like, you can go by the condo association’s office and review any approved condo association meeting minutes that have been recorded in the last several months.
Your real estate agent can answer any broad questions you have about condo documents in general. However, when it comes to specific accounting or legal questions about the condo document package, your agent is supposed to direct you to the people at the condo association or management company who are in the best position to answer your questions.
Often, issues don’t come up with condo documents, but this Virginia law exists for your protection, so you want to take full advantage of your 3-day right to review this packet.
How do condos work, and how are they different from other types of real estate sales in Northern Virginia? Email me at DarrenRobertsonHomes@gmail.com and ask for my free report on the advantages and disadvantages of condos versus townhomes and single family homes.