A condominium is an individual residence that is part of a larger multi-family community. From the initial home search to the real estate closing, purchasing a condo involves many of the same steps as buying any residential property. But it also includes some specific considerations that single-family home sales don’t. To better understand the condo-buying process, below is an overview of each major step.

Understanding the Process of Buying a Condo

Financing Options

Your first step should be to look into your financing options. If you plan to get a mortgage, first apply for a loan pre-approval. The pre-approval will detail how much you can afford and point you in the direction of condos that fit the appointed budget.

Viewings

After finding listings online, in the newspaper, or through a broker, set up viewings with a few properties that spark your interest. Condos for sale might also hold open houses like any other type of residence, so you may want to attend a few of these as well. Before the viewing, put together a list of amenities you want your new home to have.

At the viewing, see if the unit offers what you're looking for, and check for items like additional storage, parking spaces, and security systems. Community-wide features are unique to condos, so look at onsite pools, gyms, meeting rooms, barbecue areas, green spaces, and resident events.

Building Regulations

Different condo properties have different rules in place. Your real estate agent will ensure you know the procedures specific to the building you're interested in. For example, prospective buyers may need to be approved by the condo board and undergo a background check. Also, buyers should know the monthly dues and maintenance fees the property charges, as well as the rules and regulations of the community.

Insurance

Before a real estate closing, buyers usually need to purchase homeowners insurance. Most lenders require this before the loan is finalized and the funds are transferred. Prior to the real estate closing, discuss this issue at length with your real estate agent and the condo board so you can purchase a policy that covers the conditions of both the lender and the condo association.

For legal assistance during any stage of a real estate transaction, trust Bernardini Law P.C. Attorney Christine Bernardini has been serving the Essex County, MA, area since 2011. She offers legal services in all facets of property law, from drafting sales agreements to representation at real estate closings. Call (978) 794-5525 to schedule a consultation or visit her office's website to browse her practice areas.