Condo Association Meeting Minutes

Take a look at the minutes of the condo association meetings to see if anyone has complained about anything. Reading the minutes will also reveal any improvements under way.

Repair Funds

The reserve fund should have at least 40% of the cost of replaceable items. Paying low maintenance fees may mean that the complex is not being up-kept or is living beyond its means.

Associations Policy/Insurance

Make sure that you understand exactly what the association policy covers and what you are responsible for. Read the association's policy. Look at if the replacement costs covered by the policy are a good estimation of the costs of rebuilding. Make sure that the policy has a building ordinance clause, meaning that the insurance will cover the cost of bringing the building up to code if needed.

Any Association Problems

Contact a real estate lawyer and have them go over the bylaws of the association. Do they follow them? You can also have your lawyer screen the association to see if anyone has filed a suit against them.

Community Management

Beware of a condo where the owners manage it themselves. Self management can lead to trouble for owners, especially those who live out of town. Check out the management company as thoroughly as you check out the association. Talk to other owners.