How to Protect Yourself When Buying a New Condo

Posted by on Tuesday, February 17th, 2015 at 8:54pm.

If you're planning on buying a new condo in the upcoming future there are a few things that you should be aware of. There will be a board that works out the budget for the building and performs a lot of administrative duties. You should know ahead of time that these boards can change things around when they take over business from the developer.

For example, if you have purchased a unit and you've been allowed to take your pet along with you, make sure that you get everything in writing. In new developments, the condo corporation takes over when people begin to move into the building.

There will be a turnover meeting in most cases and the developer hands over accounting and legal documents along with the budget to the condo corporation. At this time, a new board is elected by the corporation. A condo board can be compared to a city government. Bylaws can be amended from time to time and rules can change.

The best thing you can do to stay informed about any changes is to get involved right at the beginning and keep asking your questions. You can be a volunteer with the condominium board. This way, you can stay in the loop while at the same time contributing to help make your condominium experience the best it can be.

If you're purchasing a pre-owned condo, you must also make sure that you understand all of the rules, regulations and bylaws that apply. If you ever have any questions at all, be sure to ask them and always get your answers in writing. This way, you'll be protected. Most condo boards are concerned about keeping the owners happy and will be more than willing to work with you on any concerns or questions that you have voiced.

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