Are you considering looking for Condos For Sale In Las Vegas Strip? Before you sign the dotted line for a condo purchase, there are certain things you need to understand. This means that you need to carefully review the documents, which will explaining the finances, management, governance and rules for where you are now living. To be sure that you understand all the documents and do not miss anything important, it may be a good idea to find an attorney to review the documents. The crucial parts of documents related purchasing a condo are highlighted here.
The Rules
You need to carefully review the rules that have been established by the condo association. There are some older associations that might have some archaic proscriptions, for example, “no business able to be done inside the unit.” Other things to consider include if you will be able to rent your unit out in the future, use your patio for barbecuing or if pets are allowed.
The Budget
You need to find reference to the reserve fund of the association, which are savings for major repairs. If the fund winds up being short, then there may be special assessments imposed on owners for covering the cost. Under the current mortgage criteria, the reserve fund should equate to 10 percent of the annual budget of the association.
Reserve Study
In order to anticipate the expenses and the budget in the future, it is required that a condo association acquires a “reserve study” every three or five years. If you are considering purchasing a condo where the association has not had an independent study completed in the past decade, then they may not have proper management of the facility.
Minutes of the Board
You may also be able to acquire the minutes of the condo board meetings for the past several years. This is the best way to get insight regarding the community, including what they care about and major complaints that have been filed.
When you fully understand the inner workings of the association managing the condo you are considering purchasing, you will be able to make an educated decision regarding whether or not this is the right purchase for you. Take your time and seek the assistance of an attorney if necessary, especially if there is something that you do not fully understand related to the condo purchase.
