Keller Williams Realty Atlanta Legal Tip:

  Due Diligence When Buying a Condo, Townhome or In a Planned Community

When you have a buyer interested in any property that has mandatory dues for common maintenance and/or expenses or even just amenities, your buyer’s due diligence should extend beyond a physical inspection of the house, condo unit or townhouse itself:
 
1.     What is the condition of the common areas such as sidewalks, driveways, parking lots, hallways, stairways, lobbies, and entrance area?
 
2.     What is the condition of the exterior of the building (if covered by master insurance)?  Look at the roof, the brick or paint, the foundation, the windows, the chimneys, and the exterior doors.
 
3.     What is the condition of the amenities such as the swimming pool, tennis court, fitness facility, playground, and clubhouse?
 

• If any of these areas are poorly maintained (items needing repair or replacement, dirty, neglected), this may indicate poor management of the association and/or inadequate funds to take care of everything.
• Ask to see the budget for the association and a 5 year history of dues and special assessments.
• Ask to see the minutes of the Board meetings for the last 6-12 months to see if there are any current problems or proposed special assessments.
• Talk to a resident or even a Board member about the financial condition of the association.
   
  Presented by Leigh Clack, Attorney
  Neel & Robinson, Attorneys at Law LLC
  lenox@neelandrobinson.com
  404-705-3690         fax 404-705-3697
  22 Lenox Pointe, Atlanta, GA 30324

More Legal Tips From Keller Williams Realty Atlanta:

 Try To Avoid Credits & Allowances!

Special Issues with Buying/Selling Condominiums

 First-Time Home Buyer’s Tax Credit – Don’t Wait Till The Last Minute!

 Buying Property From The Bank: Tips For Buyers

Waiting Periods Required Under New Truth in Lending Law

  Termite Letters – Still a Good Idea

Keller Williams Realty Voted ‘”Highest Satisfaction For Home Buyers Among National Full Service Real Estate Firms, Two Years in a Row!” By J.D. Power & Associates

Tags: atlanta real estate, atlanta real estate broker, atlanta realtor, buying a condo, buying a home in planned community, buying a townhouse, keller williams atlanta, keller williams realty, neel and robinson atlanta

This entry was posted on Tuesday, November 17th, 2009 at 2:34 pm and is filed under Legal Tips By Neel & Robinson. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.