Ownership requirements for a condominium are quite different from those for a home where ownership of the land is divided. So there are two specific areas you’ll need to worry about here to make sure you understand what this first part of the deal entails. You will need to know all the legal elements of the condo you are purchasing and the specific location, size, layout, and condition of the unit you are looking for. Before purchasing any condominium, you must be thoroughly familiar with the documents that control it; all of this before and then have a home inspector come in and look at the physical aspects of the property itself.

Here is a partial list of what you will need to know about the legal requirements that are required to purchase a condo. Remember that you will also need a complete inspection of the condo by a qualified professional to check all the things inside the unit, such as electrical wiring, circuit breakers and water pressure.

One of the first things you’ll want to have clearly defined is the limits and the percentage base on which owners contribute to common expenses. This is often a sticking point for many people who are entering this type of living arrangement for the first time, as they are not familiar with what is going on. You’ll also want to make sure you’re familiar with any and all bylaws that may relate to the use of the unit and common grounds. You should be aware that these can change from state to state and even from municipality to municipality.

There will also be rules and regulations dealing with common elements. This includes things like restrictions on pet ownership, children, noise, and the leasing of privately owned units. People may get involved in a condo agreement and then find out that there is a clause that is part of the agreement that may prohibit something they want to have or do in their unit. Typically, many of these stipulations are decided by a meeting of co-owners, and while this arrangement keeps places tidy, there is often a danger of one group imposing itself on another. There are a few other areas to look out for in all documents and these include:

– The ratio of rental units to ownership. Projects with many rental units often experience more vandalism than those where all units are wholly owned.

– The percentage of the common area charge applied to the unit you are interested in.

– Possible future costs. Usually these are erected in a luxury building.

– Occupancy restrictions and other special charges that may reduce your rental options.

It’s also good to remember, from an investor’s point of view, that the luxury condo market has a history of extreme price fluctuations.

Finally, all condo purchases, whether in Brooklyn, Queens, Staten Island, the Bronx, Westchester, Nassau County, Yonkers, or anywhere in the country, must be properly appraised by a licensed inspector.

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