IS SELLING OR BUYING A CONDOMINIUM OR TOWNHOUSE ANY DIFFERENT THAN SELLING OR BUYING A SINGLE FAMILY HOME?
The sale of a condominium or townhome involves a few more documents than the standard residential home sale. A seller must provide a buyer with the condominium or townhome association by-laws, articles of incorporation, covenants and other relevant documents for review. By statute, the buyer then has 15 days to cancel the purchase agreement if the documents are not acceptable. In addition, the Association may need to be notified of a new purchaser and, in some instances, the Association may need to approve the sale. Because the condominium and townhome documentation governs the actions and rights of residents in those developments, buying a condominium or townhouse requires, in addition to resolution of the customary purchase issues, a thorough review and analysis of that documentation. A lawyer can assist you with understanding those documents.
Related Questions
- I am thinking about buying a condominium unit. How is this purchase different from purchasing a single family home?
- IS SELLING OR BUYING A CONDOMINIUM OR TOWNHOUSE ANY DIFFERENT THAN SELLING OR BUYING A SINGLE FAMILY HOME?
- How does Shaun feel about Shirley selling the family home? Did Shaun ever consider buying it?
