Q&A Series on Condos & Townhomes - Part 3

As we continue to look at questions home buyers may have about owning a condo or town home in the Mooresville / Lake Norman NC area our best advice as Buyers Agents  would be for a home buyer to take their lifestyle into account when trying to decide on purchasing a condo or town home vs a single family home. Home ownership is a lot like marriage...you may love your spouse but can't stand the extended family. In the case of home ownership[ you are not only married to your home but to the neighborhood and all of the residents...choose wisely !

Are there any special protections for condo purchasers?

The answer is MAYBE ! If you are thinking of buying a NEW unit built on or after 10/1/1986, the developer must provide you with a public offering statement. This statement contains information about the size of the development, the projected completion date, legal documents which govern the property and the projected common expense assessment.

It will also inform you of your right to cancel the contract within 7 calendar days of execution of the contract.

No public offering statement is required if you purchase a condo built before 10/1/1986 or which is not new or a townhouse. In this case you have no automatic right to cancel your purchase contract.

However, when a buyer is purchasing any pre-owned condo built after 10/1/1986, the seller must provide you with a "resale certificate". This statement discloses the monthly assessment for common expenses and any other fees payable by the unit owner.