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Buyers of condos, co-ops, and houses in an HOA in the DC area receive a package of documents containing a number of different documents including the condo declaration, bylaws, rules and regulations, budgets, reserve studies, financial statements, insurance information, and other documents relating to the running of a community association.
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Whether you are buying in a 2 or 400 unit building, or an HOA, you'll want a full understanding of the documents and the state of the association so that you can make an informed decision about your purchase. Why?
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You may want to rent the unit out at some point and should know if there are any restrictions on doing so.
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You want to understand the financial health of the condominium to know whether any special assessments may be forthcoming and if there are any other issues that may post a financial risk to you.
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Do you have a pet? Does its weight satisfy the association rules?
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What's the building condition? Are there plans for (and is there money to pay for) capital improvements?
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Are you purchasing a new property directly from a developer? Is there an association yet? How will the developer work with you during that crucial first period of time?
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Is there anything else amiss with the documents that could cause you financial harm down the road?
I can review your condo/co-op/HOA docs so that you go into your transaction knowing what you're buying and confident in your decision. DC-area buyers of resale properties may only have a three-day review period - I can turn around my review in as little as 24 hours!​
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Explore my DC-area jurisdictional guides for considerations for your due diligence:
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Maryland HOA & Condo Review: Navigating the 7-Day condo vs. 5 day HOA rescission period
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Virginia Resale Disclosure Act: Complying with the 3-Day Calendar Deadline