How do condos work, and how are these sales different from regular home sales in Northern Virginia? If you’re new to my website, you’ll see that I sell a lot of condos, so I blog quite a bit about the process of buying a condo. This post is the first post in a blog series about condo resale certificates.
How Do Condos Work? What is a Condo Resale Certificate, and What are the Most Important Things to Look for When You Receive it from the Seller?
In the state of Virginia, the seller of a condo has to deliver a condo resale certificate (commonly referred to as the “condo documents”) to the buyer sometime between the signing of the purchase contract and settlement. These documents include all of the specifics on the condo building and condo association, such as the budget, bylaws, meeting minutes, etc. A buyer has three days to look the documents over, and during those three days, they have right to cancel the contract.
Condo documents can seem a little overwhelming at first glance, as they are often hundreds of pages long. Generally, these are the most important things to verify as you’re looking over the condo documents, and they're often in a summary packet that usually includes around 5 - 10 pages:
1) Are there any notifications about delinquent condo dues?
2) Does the condo association manage the budget well, and is there a healthy amount of money in the reserve account?
To continue reading, go to Part 2 in my blog series: How Do Condos Work – Condo Resale Certificates Explained.
How do condos work compared to single family home sales and townhomes sales? Email me at DarrenRobertsonHomes@gmail.com to learn the specific differences between each of the types of real estate sales in Northern Virginia.