While purchasing a condominium there are certain responsibilities of the owners as well as purchasing condominium is one of the hottest real estate transactions which are going on during peak home season. The individual shall check that how the condo is managed.
The owner will have to pay maintenance fee but he shall make sure that the fee is not absurdly high as compared to the level of maintenance quality. It shall also be analyzed that who occupies the other units of the complex.
As an owner an individual will have certain responsibilities for mortgage, property taxes, common expenses and fees to cover some special expenses. The owner will be bound by the condominium corporation’s declaration, bylaws and rules in a same way as the Board of Directors are bound.
It will be wise to enlist the services of a REALTOR whether you are buying new or resale. This enlisting is done in order to ensure that the individual is clear on all his responsibilities regarding condominium ownership.