Following the inspection, the buyer must be capable of interpreting the condo reserves to understand the risk to which they may be exposed. Reviewing the minutes of the past few meeting is always helpful.
Some buildings within a community may be 'pay as you go' (low monthly fee) while others prescribe to scheduled maintenance and managed replacement (much higher monthly fee) and well funded reserves.
I've witnessed a lot of forced foreclosures via unanticipated assessments. In waterfront locations, pay as you go is a formula for disaster.
Yes, in my experience it is. You are buying a unit and technically own only the interior space, but the systems attached and the external are also a part of what you are buying into. If the plumbing or siding have defects, you may end up with an expensive special assessment to address the issues in the near future.
If there are 100 units in the complex, you own your unit and 1% of the rest of the complex. I sold a unit a year ago with bad siding and a broken pool. We found out that they were in the midst of getting bids and preparing to address the issues. My buyer knew going in that this would be coming down the road. We renegotiated our offer and she bought it now, fully informed.