Brookline Condos for Sale

There are details that you need to go over before you sign your name to an offer sheet for a Brookline condo for sale. Unlike buying a home there are complexities in the condo buying process that could prove disastrous if overlooked.

Condo Management

A good way to find out how the condo management is doing when considering making an offer on a Brookline condo for sale is to examine the minutes of the condo association board meetings. This will reveal if the condo owners are happy or if there are issues that need attending to. If the owners are unhappy chances are that the current condo management company is not doing a good job. Also any upcoming projects that might require a financial outlay by the owners might be noted in the minutes even if the current owner or the selling realtor neglected to mention them.

Condo Fees

It is imperative that you find out what the delinquency rates are amongst the current unit owners. This information will tell you the health of the condo association. The last thing you need to do is buy a unit in an underfunded condo association. Chances are that you will not get a financial institution to commit to a mortgage if the condo associations health is called into question.

Reserve Fund

There should be a reserve fund in place to cover the cost of necessary replacements like roofs etc. If there is not a sufficient reserve fund in place and a large item like a heating system needs to be replaced there will be a levy placed on the owners to pay for it. This means that if the cost of the necessary replacement is $10K and there are 10 units you will be accessed $1,000 towards the repair. If it is a $100k repair your assessment will be for $10K. So make sure to check out the reserve fund in relation to the age of the structure of the building.

Master Insurance Policy

Examine the master insurance policy to see what it covers. Remember that what is not covered by the insurance policy is eventually covered and paid for by the unit owners. If you can’t make heads nor tails of the policy have your attorney check it out especially in relation to a building ordinance clause. Someone will have to pay for any building code enforced upgrades and you don’t it to be you.

Real Estate Attorney

It is imperative when buying a condo to have a real estate attorney check out the condo documents and other related documents to ensure your financial safety. Also check out the condo association for any outstanding legal action or law suits.

Owner Occupancy Rates

If you are looking to take out a conventional mortgage on your Brookline Condo for Sale then the owner occupied units will need to be at least 51% to meet current HUD guidelines.

Condo Harmony

Ask some of the other owners if they are happy and if not what are their big concerns re the condo management. Unhappy people are honest and by asking and listening you could save yourself a stressful ownership situation.