Best of luck, Larry.
Every association is different, do not assume anything is covered. You cannot know until you read the covenants and bylaws.
And Linda's most important fact? "Many agents are misinformed on this point."
I have owned a townhome, and we were responsible for the roof as well as the exterior paint and bricks!
Asking is always the best way to know for sure, and the best way to ask is to go directly to the source.
Keller Williams, Eagan
I LOVE this question. Many people purchasing association maintained property are not aware of how or why the association fees are collected and distributed. There is a portion of your monthly association fee that is collected for what's called "reserves". Those reserve funds are what's used for general maintenance on the building. There's also a hazard insurance policy that would be used to pay for damage caused by events covered in the insurance policy.
In the association fee, you are paying for things you would pay for ANYWAY in a single family home, but you'd just be paying out of pocket for it, rather than in a monthly fee. AND, when purchasing an association maintained property, you have an AGENT who is following protocol in obtaining all of the financial information for you as the BUYER up front!!!
And as I always like to point out with TH's and FHA buyers make sure that the unit is FHA approved! Maybe the most annoying thing about buying TH's, and why going conventional may be the smart choice.
In most states everything from the inside paint out is the Homeowners Association's responsibility. Most states require a disclosure of the assiociations finacial state be supplied to buyers before they purchase and provides an out for the buyer if the finances look shakey. Informative articles for home buyers at Your-Road-Home.com. And loan officers available through the Trulia site. Also articles on your road home, Consultation, Interviewing Real Estate Agents. Good Luck
Coldwell Banker Burnet
licensed MN Real Estate Broker
It can differ from complex to complex. Most are handled by the assocaitions insurance company. If you have a question about a specific assocation, let me know and I can find out for you.