Philadelphia Real Estate Blog

Center City Philadelphia
Condos and Lofts

 

Subscribe To Receive
 Blog Updates By Email

Calendar

October 2013
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
 
 

October 28, 2013

What’s In Your Condo Docs?

Filed under: Center City Real Estate,For Buyers,Of Interest to Buyers — Center City Philadelphia Real Estate Agent @ 9:27 am

Here are a few things that you may not have known are pretty standard in condo docs inĀ  Center City:

1) Almost all associations charge 2 months capital contribution- means you pay 2 months condo fees to the association- not the owner, but the association- Helps build the kitty.
2) You better check the pet policy- A few years back a young woman bought a Philadelphia condo at Locust Point, then had to sell because she ignored the pet policy- her dog was too big. And she of course wasn’t parting with the dog, so she parted with the condo.
3) Rental Restrictions- Becoming more and more common in condo docs and their rules and regs- which can be a huge value-preserving tool for the association.
4) Future Assessments- Will tell you if any assessments have been approved for the future. Not “discussing assessments” but real approved assessments. There is a difference.
5) The Budget- This is a biggie. You may want to see how much $$ is on hand for future improvements- should correspond to building size and age. New buildings have little reserve- and often, they don’t need them- there is no differed maintenance beyond cosmetic often.

In the state of PA., you have 5 days or 15 days to review your condo docs depending upon the type of Center City condo you are buying- used or new.

Tags: , , ,

• • •

 
 

530 Walnut Street, Suite 480
Philadelphia, PA 19106
Direct: 215.521.1523 ~ Office: 215.627.6005
Fax: 215.627.3142
Email: Mark@CenterCity.com
Copyright Mark Wade | All rights reserved.
Site Admin | Log Out