Home Buying in Brigantine>Question Details

Jealkon, Home Buyer in Brigantine, NJ

Starting to look for a possible purchase of a Condo in Brigantine. Would I be responsible for both condo fees and real estate taxes?

Asked by Jealkon, Brigantine, NJ Tue Jun 22, 2010

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Yes, you are responsible for both condo fees and real eastate taxes. If you are not currently working with a realtor. I will be happy to assist you in your search. Please call me at 609-870-0066

David Read
Weichert. Realtors
1 vote Thank Flag Link Tue Jun 22, 2010
Hi Jealkon

In addition to the answers below, I would like to add that there are some duplexes that have converted into condos and may only require a common area fund for the insurance and splitting the cost of repairs or maintainence as they arise.

Depends what kind of condo that you are looking for. A complex or a side by side, or 1st floor, 2nd floor type.

Taxes are always on the unit and owner of.

Please feel free to contact me for any other questions you might have. I am an agent with Prudential Fox & Roach here in Brigantine and would be happy to assist you in your search.

Best,

Mary Ann Jarvis
0 votes Thank Flag Link Wed Jun 23, 2010
Hi Jealkon,

Yes, any property purchase you make you will be responsible for the property taxes separately.Generally condo fees cover exterior maintenance and homeowners/ flood insurance ( from the studs out) and you are required to obtain a personal insurance policy for the interior of the property. Always ask to preview the condo docs which outline what the condo fees cover.

Good luck with your search! If you have any additional questions feel free to call me directly on my cell 609-204-2935.

Sincerely,
Colleen Bell

Prudential, Fox, and Roach
Web Reference: http://www.BellSellsNJ.com
0 votes Thank Flag Link Tue Jun 22, 2010
Jealkon

It really depends on what type of condo there are two different types one you pay condo fees the other you do not.

1. If the condo is in a multi-unit complex where there is a condo association you would pay the condo fee and the taxes on the unit. In most cases the condo fee is based on the unit square footage. The condo fee pays for the maintence of the grounds and exterior of the building also it includes the FIre and Liabilty Insurance for the building only. You would still need to secure a condo policy to insure the interior of your unit

2. The second form of condo is a co-ownership this take place in most cases in a duplex or even a triplex condo where the owners share in the expenses of the condos such as insurance and maintinence of the builduing and the grounds. In some cases in old units the water and sewer maybe shared. You would still pay the taxes on this type of condo situation.

In the second case all decisions are made jointly between the owners as to any repairs in both cases there is a master deed which spells out what is common elements and what are limited common elements such as you own 100% of the interior of the unit and the stairs and decks maybe limited common meaning they are common elements but limited to your use.

The Master deeds and the condo documents will spell all this out and when you make and offer this should be part of the agreement of sale which states that you have the right to review the doc's and if you do not agree to the doc's you have a certain namount of days to walk away. THis clause is called the MASTER DEED REVIEW.

I hope this informs you what you want to know I have dealt with hundreds of these and most times there is not a problem either way. One more thing if you are getting a mortgage the mortgage company will have to review the doc's also in addition to you.

If you would like to discusss what you are looking for in a condo in Brigantine I have been doing Real Estate in the town for 20 years as an Exclusive Buyers Broker.

Happy to help

Tim Robbins

Exclusive Buyers Broker

Better Homes Realty
Web Reference: http://njhothomedeals.com
0 votes Thank Flag Link Tue Jun 22, 2010
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