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The property management company is not forthcoming and I assume there are financial difficulties. I am a first time home buyer - but wish to push the envelope to try to see where things stand - because really want this unique condo unit. Is there a place to see budget, minutes of the condo meetings and other info helpful info? I know they might be missing insurance - and want to find out exactly what is going on and if/how it will be remedied or if there is a possibility going to receivership - and or how many foreclosures in bldg can you please advise if there is a place to look or how to do research?
Answer: Unfortunately, you can only get a condo association's financials if someone involved with the association provides them to you. I would suggest you contact the seller of the condo unit or try to identify members of the condo association board. There is no easy way to find out if the condo association insurance is paid for. You can call your country registry of deeds and find out if there are any liens against the condo units in the building by the condo association.
Generally speaking, if no one wants to provide financials you should walk away for the condo unit, even if you're emotionally attached.
Tags: Finance, Buying
posted @ Friday, September 04, 2009 8:11 AM by Nancy Shaw
posted @ Friday, September 04, 2009 8:32 AM by Courtney G
posted @ Tuesday, September 08, 2009 8:43 AM by Califcondoguru Beth Grimm
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