Home Buying in 08226>Question Details

Dmitriy, Home Buyer in Philadelphia, PA

We would like to get information about the condo assoc. long term plan and budget. We want to be aware of payments, beside condo fee. It's possible?

Asked by Dmitriy, Philadelphia, PA Thu Oct 11, 2012

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Laquita Baez’s answer
Yes definently. That is all information that can be disclosed upfront prior to closing on a condo.
Your Realtor can help you with getting this information.
Good luck.

Laquita Baez
Licensed Realtor in NJ and GA
Weichert Realtors
973.687.7095
0 votes Thank Flag Link Mon Oct 15, 2012
Thanks for your answer.
Flag Tue Oct 16, 2012
Yes, just have your REALTOR member email the association's board or secretary.
0 votes Thank Flag Link Tue Mar 18, 2014
Obtaining this type of information is generally an easy process. If you are working with a Real Estate Agent they should be able to request this information from the Condo Association.
Let me know if you have any additional questions.

Good Luck,
Bob Gullo
Broker/Manager
Jesse Real Estate, Inc.
900 Ocean Avenue
Ocean City, NJ 08226
609-399-5377 (o)
856-305-2091 (c)
0 votes Thank Flag Link Fri Feb 21, 2014
This is vital information in making your decision whether to purchase a condo! The Ocean City Board of Realtors agreement of Sale specifically lists your right to receive the latest version of the Master Deed and By Laws of the Home Owners Association that has been filed with the County Clerk. You are also entitled to receive the most recent Financial Reports of the organization so that you may determine the fiscal health of that organization.You are entitled to have a ten day period to review and either accept or cancel the contract because of your findings.

Many HOA's require a one time Capital Contribution to their General Maintenance Fund from a new owner owner. This fund builds so that if there is a major expense there is money to cover it. However, if this fund is NOT sufficient the owners in the association are levied with an assessment to cover the costs of the needed repair or upgrade. In Ocean City, many duplex "Condo" associations have a very informal arrangement where the owners just split the costs of any expense that arrises which affects the "common areas". They also just split the cost of the flood insurance and general hazard insurance on the building. This is great as long as both owners are cooperative and responsible. Even these smaller "Associations" would be wise to gradually build a Capital Fund for those emergencies.

If you would like assistance in finding a condo in Ocean City or off island, I would be happy to assist you!
Joanne Bernardini, SFR,CSSA
Sales Associate
Coldwell Banker Casa Bella Realtors
C609-947-2451
OFC- 609-601-1009
0 votes Thank Flag Link Fri Oct 12, 2012
I'm assuming you are talking about the Greate Bay Villas in Somers Point. They are well managed , have a reserve, and no plans for assessments in near future. We sold my listing in there during the summer and its a nice , nice spot to live. Any questions on Somers Point or Ocean City. Please feel free to,contact me at Keller Williams.....609 399 5454
0 votes Thank Flag Link Fri Oct 12, 2012
I am a Board Member of the HOA in my community. They hold open meetings and I'd encourage you to attend the meeting for your association and ask your questions. If they have an on site manager, you can ask anytime. You can also request a call from the HOA President of the Board of Directors and request to view minutes of the Open Meetings. This should provide you with a plethora of information about the association and community. I suggest you simply talk to them.
0 votes Thank Flag Link Thu Oct 11, 2012
Dmitriy,
Part of the due diligence in considering the purchase of any condo is to obtain the type of information you are asking about. In fact, the standard agreement of sale provides for review of condo budgets, special assessments, and the general fiscal health of the association. In Ocean City, many condos are part of a duplex where there are only two units and generally no condo fees but simple splitting of costs. If you are interested in a particular condo complex, I would be happy to work with you to help you get the information you need to understand all of the financial implications of such a purchase.

Joan Farrell
Monihan Realty
Ocean City NJ
800-255-1311 office
609-517-7644 cell
joan@monihan.com
0 votes Thank Flag Link Thu Oct 11, 2012
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