Prospective home buyers who have considered buying a condo should review their legal options before traveling down this path. While condominiums are perceived to be cheaper options for buyers, there are additional costs that are linked to them by homeowner’s associations. Furthermore, these associations can impose rules and guidelines that could hinder the lifestyle or freedoms afforded to these owners. If you wish to review Condominium Law today, you should contact Coates Coates & Coates P.A. for further details.
Your Legal Rights When Buying a Condominium
When you review your buying options, you should discuss your rights with an attorney before you sign on the dotted line. Mortgages for condo purchases are far more complex than standard home loans. They include terms that are connected to the homeowner’s association that governs the community in which the condo is located. This could impose restrictions in terms of what you may place in your own yard, curfews, and limitations if you should fail to pay monthly fees.
Your first step is to acquire a mortgage loan through your preferred lender. Your lender should disclose fully even the most minor of details that could affect your living experience. This includes any additional charges associated with acquiring funding to buy the property and limitations of loan types that are acceptable.
What to Expect from a Homeowner’s Association
After you accept a mortgage to buy a condo, you are required to follow the guidelines outlined by the homeowner’s association. This includes the probability of fees and fines associated with visible property repairs that are needed. The association has the right to inspect the property at any given time as defined in the contract. This could result in fees based on the square footage of the condo and improvements requested by the association.
It is advisable for all potential condo buyers establish what is expected of them under Condominium Law in the state of Maryland. This includes clearly defined fees that are required after becoming a homeowner. It also includes the type of homeowner’s insurance that is expected before the property closing. An attorney which is familiar with these laws can review the sales contract for the buyer before a final decision is made. Like us on Facebook!
