This week’s question comes from a buyer from the Ohio area. This purchaser, I will call her Mrs. “X” has never lived in a condominium. She has always resided in a single-family home outside of Dayton. She and her husband are retiring to “ The Sunshine State” and in particular to a luxury condo in Aventura.
Recently Mrs “X: posed this question to me, her Aventura Realtor ®.
“ What association documents should I request.”
A buyer of a luxury condo in Aventura, or any condominium, should request a complete set of the association's governing documents INCLUDING any amendments that supersede the original documents.These documents, typically in the form of a book will include restrictions, guidelines, the articles of incorporation, bylaws, rules and regulations. Many also include architectural review guidelines and rental rules… i.e., how many times a year, if any a unit can be rented.
Also included in these set of rules are pet restrictions, allowed vehicles, noise and parking guidelines.
The architectural guidelines could indicate what flooring can be used, the days of the week construction work can be made and the access of crews to the unit. In many cases, work can only be completed on a Monday thru Friday basis.
It is an excellent idea for Mrs “X” to ask for the latest copy of the minutes of a board meeting. In particular, she should look for any future proposals for an assessment or any current legal actions taken against the association.
My advise is to ask for a copy of the association's financial records. Reserves, money set aside for future upgrades, maintenance and improvements are vital. In many cases, a bank will not loan money for a mortgage if funds are not appropriated.
After you have conducted your due diligence or you have employed an attorney your Aventura Realtor ® will ask you to sign off meaning you have received these documents. It is your right and typically a requirement of a contract for you to receive these documents.