E052: Condo, Coop, Villa or Townhome...what's the difference???

In this episode, I talk about the difference between a condominium, coop, townhome and villa.  Additionally, I outline the documents sellers should provide to buyers when purchasing a condominium or coop.  It is important for sellers to provide buyers with those documents as soon as possible because buyers have a three-day rescission period when requesting the documents in writing.

When buying a condo, you should receive the following documents from the seller: a current copy of the declaration of condominium, Articles of Incorporation of the association, Bylaws and Rules of the association, FAQs and a copy of the most recent year-end financial information.  You should also receive a Condominium Governance Form from your real estate agent.

When buying a coop, you should receive the following documents from the seller: a current copy of the Articles of Incorporation, Bylaws, Rules of the association and the questions and answers sheet.

BUYERS:  If you are purchasing a condo or coop and obtaining financing, it is especially important to get those documents as soon as possible because these documents play a huge part in financing, in particular the budget.

SELLERS:  I would strongly advise sharing these documents as soon as the contract is executed so the rescission period is within the first few days of the escrow period and the buyer doesn't have the opportunity to extend closing or void the transaction late in the process because the documents were not shared.

If you would like to review the condo governance form or any of the riders or addenda mentioned in this episode, please contact me and I would be happy to email those documents to you.