Condominium and planned-community ownership includes both the property and the association. Buyers should review governing documents, financial statements, budgets, reserves, insurance, meeting minutes, litigation, violations, rental restrictions, pet rules, parking, storage, maintenance responsibilities, special assessments, and upcoming projects.
The physical review should distinguish components maintained by the owner from those maintained by the association. Insurance review should coordinate the master policy with the owner policy and evaluate deductibles, loss assessment, water, liability, and any property-specific risks. Lenders may also have association requirements.
A complete review connects documents with the buyer’s intended use, budget, financing, improvement plans, and time horizon. Questions should be raised early enough for the appropriate association, escrow, lender, inspector, insurance professional, attorney, and other advisors to respond.
