Condominium Law determines which fees and regulations apply to specific communities. When you choose to buy a condo instead of a standard property, you should become acquainted with the laws and rules of the association that governs it. The association also applies monthly fees for property owners. To make distinctions in relation to your rights when buying these properties, you should consult an attorney.
Understanding Rules and Regulations
With condominiums, you are restricted by the Homeowner’s Association that enforces the rules. This includes how the common areas are utilized by all residents. It also determines which fees you will pay each month. Typically, you are required to pay maintenance fees each month, which could incur a significantly high cost. Your attorney can evaluate these costs to determine whether or not they are standard or excessive.
Ligitation Due to Nonpayment
At any time that you become behind on your association fees for more than three months, the association can take legal action against you. This could include litigation to collect these funds. When this is necessary, it is likely that they can foreclose on the property if you are additionally behind on your mortgage payments. When you are unable to fulfill your obligations to the Homeowner’s Association, you should contact an attorney.
Reviewing Your Rights Through Inspection
The buying process requires you to order an inspection of the property. Through inspection you acquire information about the property such as any possible issues. This includes a review of the electrical, plumbing, and more. The inspector presents the mortgage company or homeowner’s association with the findings of the inspection. You have a right to demand that the association remedies all issues that were discovered.
When you choose to buy a condo, you should consult an attorney to protect your rights. You should allow the attorney to review the contract completely before you finalize it. This ensures that you understand all obligations and terms of the contract. This includes fees and monthly requirements outside of the mortgage payments and homeowner’s insurance. If you need assistance in understanding Condominium Law today, you should contact Coates Coates & Coates P.A.
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