What Documents to Expect When Purchasing a Condo

Purchasing a condo isn't the same as purchasing a home. When you purchase a condo, you are purchasing the interior of the specific unit; you are not given ownership over the entire property. You are however generally expected to pay a condo fee that will go towards the collective maintenance of the exterior of the building. The paperwork for purchasing a condo is a little different as well. Here is the paperwork or documents that you should expect to get when you purchase a condo.

#1 Condo Declaration

The first document that you will get is the condo declaration. This document basically declares or clearly states that that the property is a condo and is part of a larger condominium association. It is the paper that is formally used to state that a condominium association has been created at whatever date and is in effect when you purchased the condo.

#2 Master Deed

Second, when you purchase a condo you should get a master deed. A master deed states, in legal terms, your rights to the property that you are buying. It lays out explicitly what parts of the building belong just to you. It also lays out what parts of the building are owned in common with the other participants of the condo associations. It should even specific areas that are owned by everyone but not really shared by everyone.

In your master deed, these three different types of ownership should be labeled: unit-specific elements, common elements and finally limited common elements.

#3 Unit Deed

In addition to the master deed, which lays out your relationship with the condo building and association as a while, you should also get a deed to your specific unit. This deed should include a detailed floor plan of your unit that includes all of the measurements of your condo. Your condo deed is what shows that you own your particular condo unit.

#4 Condominium Association Bylaws

Finally, you should get a copy of the condominium association's bylaws when purchasing the condo. These bylaws will spell out exactly how that particular condo's association is ran. You should be able to learn from the bylaws how board members are selected, how long board member terms are and how meetings are ran and conducted.

The bylaws should also spell out all expectations and rules that the condo may put on your lifestyle. Condos are allowed to make rules such as how people are expected to behave, if people can have pets and even if you are allowed to smoke inside of your unit. Make sure that you are comfortable and can live with these bylaws before finalizing the sale. Finally, you should be provided with the condo association's fanatical statements, such as their budget. 

To learn more about the process, contact services that have single family homes for sale.