subject: Importance Of Legal Counsel When Buying A Condo [print this page] Condominiums have become the one-stop solution for people who want to have a home of their own but do not have the necessary capital to invest in a single family home. However, before you are carried away by the enticement, it is best to clarify your vague concepts from a legal professional specializing in real estate, especially condo ownership, laws of Florida.
The city of Fort Lauderdale offers numerous options when it comes to finding a suitable condo unit. Before you sign on the dotted line, it is better to have a real estate attorney explain the terms and conditions of the ownership agreement. This helps in understanding the legal jargon and makes you capable of realizing what you are choosing for yourself.
The most important document is the ownership deed. Though condominiums are real estate properties, the deed is different in nature from that of detached homes. For starters, in a condo, you have sole ownership of the interiors of the unit you buy. The common areas of the building, like the lobby, parking space, elevator, garden, etc, are the property of every unit owner, and therefore you have a share in the ownership of these areas.
Your real estate lawyer can help you understand what comes under sole and shared ownership as per the agreement. Before you sign any document, it is wise to clarify certain points from your lawyer. These are as follows:
How much do you need to pay as property tax?
How much is the maintenance and upkeep fees?
How much and how frequent is the special assessments?
How is the management and maintenance?
How much does your opinion matter in the management/maintenance?
Owning a condo also means that you have to follow certain rules and regulations, The Covenants, Conditions and Restrictions (CC&R) is an important document in this regard. Before you sign the purchase agreement, make sure to understand every clause of this. Otherwise, you may end up in a hassle later.
Talk to your Fort Lauderdale real estate attorney if a particular clause does not suit you. Get his advice on whether negotiating on the matter would be capable of yielding a favorable result or do you need to look for another suitable property. You would also need a lawyer when, after the purchase you find that the homeowners association is imposing conditions not mentioned in the CC&R.
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