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A condo can be a fantastic choice for homeowners who may not want the responsibility of caring for a lawn or maintaining the roof. However, unlike buying a single-family home, buying a condo often involves complex real estate sales agreements that can dramatically affect life in your new home. Understanding the intricacies of buying a condo can help you make the best choice for your finances and lifestyle.

What Buyers Should Know About Owning a Condo

What Is a Condo?

A condominium is a building owned by an association that allows people to purchase individual apartments. Every property owner pays condo association dues, which are used to maintain the exterior and structure of the building itself, while you’re responsible for maintaining your unit.

Is Buying a Condo Complex?

real estate sales agreementThe real estate sales agreement for a condo will include the asking price, which doesn’t include your monthly dues or other fees. You’ll also have to agree to the association’s covenants and restrictions, such as reducing noise levels after a certain time or only housing a specific number of pets. Getting a mortgage for a condo may be a more complicated process, since the banks must determine whether you’ll be able to pay back the loan based on your credit report and the value of the property you’re purchasing. It’s best to hire an attorney to guide you through the transaction.

What Are the Benefits of Condo Ownership?

Condos are especially popular with those who enjoy the benefits of apartment living, including on-site maintenance staff and luxury amenities, but want the security of homeownership. For instance, condo buildings typically feature swimming pools, hot tubs, and fitness centers. In many areas, condos are often more affordable than single-family homes, even after including the association dues and other fees associated with remodeling or building upgrades. 


 

If you’re buying a condo in Essex County, MA, Bernardini Law P.C. will provide the detailed insight you need, from the initial real estate sales agreement to closing. Their exclusive focus on real estate law gives them an in-depth understanding of the process and the skills to ensure the transaction goes smoothly. Visit their website to learn more about how they can help with your real estate sales agreement or call (978) 794-5525 to arrange a consultation.

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