IF I BUY A CONDO AND THE ROOF NEEDS CHANGED AFTER SO MANY YEARS, DO I NEED TO PARTLY PAY FOR THAT OR IS IT COVERED BY THE ASSOCIATION FEES PAID MONTH?

Asked by Sheila, 19154 Tue Apr 12, 2011

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4
Bruce Lang, Agent, Philadelphia, PA
Tue Apr 12, 2011
Shelia...it depends on the association. there is something called a capital reserve account. usually the roof will be "reserved for" over time so there in money available...however, some condos don' have good financials...which is why buyers are given a 5 day review period on resales and 15 on new construction to review the condo docs, fianncials and budget....when you get the "3407" be sure the current balance sheet and profit and loss are there, learn about the reserves and get some advice if its suitable for the siize association.
1 vote
Anna M Brocco, Agent, Williston Park, NY
Tue Apr 12, 2011
For an accurate answer check with management or review your HOA documentation.
0 votes
Zisis Sakell…, Agent, Syracuse, NY
Tue Apr 12, 2011
Hi Sheila,

It would depend on the condo community. Some condo HOA's have a covenants that the HOA will be responsible for all exterior repairs and maintenance including the roof. Some HOA's do not do the exterior repairs and only will do things like snow removal and mow the lawn. It can be very specific what they are responsible for and what the owner is responsible for. You would need to request a copy of the bylaws prior to making a purchase offer on the condo And read them.

Remember, each community is set up differently. Your Realtor should be able to provide you with a copy for each condo you are interested in. Don't assume all condo's are set up the same, it could be a costly mistake.



Good Luck,

Zisis Sakellariou
0 votes
Bill Sims, Agent, Philadelphia, PA
Tue Apr 12, 2011
Hi Sheila, Your association should be responsible for the cost of the roof! Before settlement you should receive condo docs, rules and regs and it will have that information in it. Bill Sims, Coldwell Banker.
0 votes
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