3 Critical Questions to Ask Condo Associations

Are you looking to buy or sell a condo in today’s market?

Mortgage Lender, German Tolentino of Fairway Independent Mortgage shared a few top questions to ask Condo Associations.

Keep these three critical questions top of mind with planned assessments or foreseeable projects that may need to be completed within the property.

  1. Does the project have significant deficiencies, defects, substantial damage, or deferred maintenance?

  2. Has the project received a directive from a regulatory authority or inspection agency to cure unsafe conditions?

  3. Has the project failed to obtain an acceptable certificate of occupancy or pass local regulatory inspections or re-certifications?

Other important inquiries include 40 Year Re-Certifications, Planned Assessments, Roof Conditions, Plumbing, Common Area Maintenance projects, Pool, and other amenities scheduled maintenance.

German added, “I’m seeing a lot more condos denied due to the new condo regulation changes. As always you can use me as a resource if you have any questions.”

Make sure that you are working closely with the lender on every transaction to have these types of issues reviewed upfront with your Condo Association, whether buying or selling.

Contact a J+ Group advisor for more guidance on how to navigate your real estate transaction at [email protected].

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