What's A Condo Doc Package?
Updated: Mar 2
Buyers of condos generally receive either a Public Offering Statement or a resale package, depending on whether they are buying a new condo or what's known as a "resale" condo. The specific requirements for what must be included in the condo package vary between DC, MD, and VA, but as a general matter the laws are designed to provide potential buyers with important information about the condominium.
In DC, the requirements for a resale package are found in DC Code § 42–1904.11, and include providing the potential buyer with the condominium instruments (the declaration, bylaws, and plats & plans) as well as a resale certificate that contains certain items including information about the finances of the association, the amount of any financial reserves, and the insurance held by the association.
It can be tempting to skim through the package (it's often quite voluminous) but buyers really should take the time to read carefully through all the documents that are provided because they contain important restrictions about how the unit may be used, as well as clues about the state of the association.
The declaration is the document that created the condominium and the bylaws are the association's operating manual. A condo board is required to follow the rules and requirements in the declaration and bylaws which may include what types of pets owners may keep, how much floor covering is required, whether units can be rented out, and a number of factors that make up the condo lifestyle. Over time, the declaration and bylaws may be amended, adding or deleting clauses and/or requirements.
A condo may also have rules and regulations that address quiet hours, smoking, moving, the use of common areas, bicycle storage, recycling, and a host of other issues. Reviewing them carefully can give a buyer information on what kinds of things are important to the association and whether the association would be a good fit for their particular lifestyle.
Finally, a condo package will include detailed financial information and a budget. A careful study of the association's finances and budget can provide information on whether the monthly assessments (condo fees) are sufficient to meet the needs of the association.
I review condo doc packages every day - and I'd love to review yours. Learn more here!