Buying A Condo If you are considering the purchase of a condominium unit, consider the condo management with care by obtaining a copy of the condo documents, restrictions and convenants. Also look closely at the association’s finances. The association may not have adequate reserves for upcoming maintenance work such as painting the building and putting on a new roof. If so, existing owners and new buyers will be in for an unwelcomed surprise in the form of a special assessment. Check the budget to see if it covers everything adequately and ask about lawsuits against the association that might drain its finances. Although articles of incorporation, CC&Rs, and bylaws make boring reading, if you intend to buy a condominium unit, you should make the offer contingent on your reading and approving them. Most states including Florida have a standard contract stipulation providing 15 days to review the CC&R's on new construction and 3 days for a resale unit.  These are the rules you agree to live by, and it’s better to read them before committing to buy than after. You may find prohibitions against your pet cat or dog or against renting your unit while you are temporarily transferred overseas. (At the closing the seller must give you a current set of these documents along with the deed and keys to the unit. When you sell, you must give a current set to your buyer.) Be sure to have the most current documents available during the review period. An out of date set of documents are of little value if a key provision has been changed and you are not made aware of it. Before buying, pay special attention to construction quality. Will ongoing maintenance be expensive? Is there deferred maintenance? Ask if the clubhouse and recreation facilities are owned by the association or by the developer who will continue to charge you for their use year after year. Is sound-proofing between units adequate or will you hear your neighbor’s piano, drums, and arguments? What is the owner-tenant mix? The most successful condominiums are predominantly owner occupied rather than renter occupied. This is because owners usually take more interest and care in their properties, and this in turn boosts resale values. The list of things to look for and ask about when buying into a condominium is long, and bookstores have good books that will help you. Seriously consider using an experienced real estate agent for the transaction. The agent usually will be compensated by the seller or developer and will have in-depth experience in assisting with the purchase.