Chitownproperty

You wouldn’t buy a used car without checking its maintenance and accident history would you? But many people purchase condos without carefully checking the building’s financial records, maintenance and assessment schedule, and board activity. Doing so can sometimes turn the most desirable home into a lemon, uncovering years of neglect or whopping assessments waiting in the wings.

As buyers, you aren’t expected to be able to pore over the building’s records to determine if there are any underlying issues, but your attorney should. Any good real estate attorney will vet the building and association documents for potential problems, but make sure you communicate with them about this very important step as you evaluate a home. It could save you some big headaches down the road.