Buying a condo means taking on more than a mortgage and monthly payment. You also become part of an association with rules, fees and financial responsibilities that can affect your budget and how you use the property.
For most Connecticut condo resales, the seller must provide documents that explain those obligations. Before closing, review these five important parts of the resale package:
1. Resale certificate
The resale certificate provides details about common charges, or regular association fees, unpaid assessments, approved major expenses, pending lawsuits and certain rules on renting or using the property. Reviewing it can help you identify costs or disputes that may affect your purchase.
2. Declaration
The declaration describes your unit, shared areas and property and your ownership rights within the community. It can also explain how certain areas of the property may be used.
3. Bylaws
The bylaws explain how the association operates. They may cover board responsibilities, voting procedures and association meetings.
4. Current budget and reserves
Review the operating budget, reserve funds for major expenses and approved repair or improvement costs. Low reserve funds may mean owners could face a special assessment, or an extra charge, if the association needs to pay for major repairs or other expenses.
5. Rules and regulations
Association rules may address parking, pets, renovations, rentals and other day-to-day restrictions. Reading them before closing can help you determine whether the community fits your plans.
Review the documents before the cancellation period ends
You generally have five days, excluding legal holidays, Saturdays and Sundays, to cancel the purchase contract after you or your attorney receive the required documents. If the documents are sent by certified or registered mail, or mail evidenced by a certificate of mailing, the period is seven days, also excluding legal holidays, Saturdays and Sundays. This right ends if the property is officially transferred to you before that period expires.
Use this time to identify unexpected costs, restrictions or association issues that could affect your purchase. If anything in the documents is unclear, legal guidance can help you review the terms, raise questions and understand your options before closing.