Cranberry, Home Seller in Westfield, MA

buying a condo - getting meeting minutes, financial statements, etc. to do research

Asked by Cranberry, Westfield, MA Sun Jul 3, 2011

I know that when buying a condo, it's important to look at board meeting minutes and financial statements to make sure money is being used properly. But how do I go about getting that information? Would the listing agent provide them when I look at the property? Thanks!

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Territory.c…, Agent, MA,
Sun Jan 22, 2012
Yes, very important. When your buyer broker puts an offer together for you ask them to add the condo document contingency to the contract this way the seller has to provide you with the rules and regulations/condo doc's, minutes and budget/reserve, by a specific date for your review. The contingency will protect you in the event you review all the documents and you aren't satisfied with what you find/surprises.

Most important advice I can give above all else is get an exclusive buyer broker ... Their job is to protect your interests -only- by walking you through the process and educating you on things like the above contingency /question

Good luck!
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1 vote
David Seymour, , Marshfield, MA
Fri Jan 20, 2012
This is probably THE most important question to ask when you find the right condo. The Master Deed and Trust Agreement should be readily available. Questions to ask: What is the owner occupied ratio? Is there a management company responsible for adminstration as well as property management? What are the planned major projects i.e. roof replacement, parking repavement, common area painting etc..? Finally, you may want to meet with a few members of condo association board of directors - get to know your neighbors. Some areas you may also inquire to the local police department for number and types of law enforcement responses. Go in with your eyes open, and be objective.
1 vote
Louis Wolfs…, Agent, Needham, MA
Sun Jul 3, 2011
First of all you are 100% right you want to get the minutes, its not just important to see how things are being run, but more inportantly is what are the expected captial expenditures that are coming up and is there sufficient funds in the association to pay for them or will they need to go to the unit owners and ask for the funds.

Typically the minutes are available to the unit owners only. You as a prospective buyer may be able to obtain a copy as well. There again depending on the association and there may also be a cost.

Word of advise. - Get the property under control 1st. Then do your due diligence. IT IS ALWAYS EASIER TO GET OUT OF A DEAL THAN INTO ONE. Also your buyer agent and attorney should be able to assit you with all of these issues as well.
good luck
1 vote
Christine Mo…, Agent, Wilbraham, MA
Sun Jul 3, 2011
We have offices in Westfield and the agawam area. They have some nice condos there.
If you need a question answered email me.
1 vote
Scott A. Nel…, , 02155
Sun Jul 3, 2011
You might not be able to view the exact documents prior to an offer being accepted. You, your attorney or buyers agent can request them though. Due to their cost some may not give you hands on for that reason.

You, your buyers agent or attorney to request änswers to your most pertinent questions prior to offer. They can assist you with the questions.
1 vote
Clark Riel, Agent, Reno, NV
Sun Jul 3, 2011
The listing agent may have access to them and provide copy to your agent when you make an appointment to see the property. The agent representing you will provide you with a purchase contract that will make your offer contingent upon your review and acceptance off all documents pertaining to the Common Interest Community.
1 vote
Rosemarie Mi…, Agent, West Springfield, MA
Wed Aug 1, 2012
The listing agent would request that information from the seller. Usually, the seller will receive that type of information throughout the year. When reviewing the information, pay special attention to any pending special assessments as well as the amount of reserves. If you submit an offer without the information, be sure to include a contingency that the information contained in the documents are subject to your approval.
0 votes
Cranberry, Home Seller, Westfield, MA
Tue Jul 5, 2011
Thank you, everyone! Your responses have helped a lot - much appreciated!
0 votes
Mack McCoy, Agent, Seattle, WA
Sun Jul 3, 2011
So, no. You would not be able to assemble a group of condo documents to compare and evaluate prior to making an offer. As everyone correctly says, you will want to review them before proceeding to closing, but you won't be able to see them - usually - prior to making an offer.

Part of the reason is that there may not be an up-to-date statement of the condo's condition. These statements have a shelf life, and are usually prepared upon request by the seller, and at the seller's cost. So, as you might imagine, they may not want to spring for a set and then need to reorder another set three months down the line.

All the best,
0 votes
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