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July 7, 2014

What’s In Your Condo Docs?

Filed under: Center City Real Estate,Of Interest to Buyers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 12:21 pm

Here are a few things that you may not have known are pretty standard in condo docs in  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.

Mark Wade
Berkshire Hathaway Home Services Fox & Roach Realtors
Mark@CenterCity.com    215.521.1523

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