What is a Condo Status Report?

A condo status report is a must anytime you are buying a resale condo, town, or loft. In fact, you should make it a condition of any purchase that you get a current copy of the report before you agree to finalize the purchase. Your lawyer will need a copy, as well as the lender, and in most cases, the insurance companies, as well.

The report contains a lot of info, including:

the legal description of the home
contact info for the property manager
the current maintenance fees, and any info about potential increases
details about the "reserve fund" (kind of like an emergency bank account for the building)
info on any "special assessments" which are additional amounts payable due to major repairs or renovations
building rules and regulations
current budget and financials for past 2 years
The package costs $100, usually takes a week to get from the property manager, and is something that should be reviewed with your agent and your lawyer.

TIP: In our OFFER TO PURCHASE designed for Buyers, we insert a special clause that asks the seller to pay for the report! Call us for more info.

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