To create Condo documents online, download samples from CondoAssociation.com. Documents available for download include bylaws, collection policies, violation notices, board meeting minutes templates, and rules and regulations forms.Continue Reading
Condo documents are given to those purchasing a condo. Buyers have time to review the documents before fully committing to their purchase; if the buyer finds any of the terms or conditions unfavorable, they may invoke the Purchaser's Right of Rescission and void the contract without stating a reason.
Condo documents include several sections. In the special assessments section, any upcoming assessments are listed. Fees included with said assessments are assigned to either the buyer or the seller. The budget and reserve funds section gives the buyer insight into the workings of the Condo's Board of Directors. It shows the upcoming additions to newer buildings and the proposed care of older buildings. The lawsuits or judgments section notifies the buyer how any legal action against the community impacts monthly fees, while the current violations section informs buyers of any inspection failures that need to be corrected before committing to the property.
The by-laws section is the most thorough. It contains all the rules that need to be followed whilst living in the condo community. These rules vary, but they often address rental and purchase policies, required quiet time and guidelines indicating the required appearance of the condo.Learn more about Real Estate