Legal Question in Real Estate Law in Massachusetts
Buying the first condo in the building without a condo association
I am looking to purchase the first condo in a building with no condo association. My realtor advises against it-but what what is involved in setting up the association.
2 Answers from Attorneys
Re: Buying the first condo in the building without a condo association
You already have a condo association... you have to... check the by-laws on file at the registry. Generally, the builder maintains control of the association until 75% of the units have been sold.
Re: Buying the first condo in the building without a condo association
As the other answer indicates, for a condominium, there is already a formal structure set up. Issues more likely to be different from the typical condo purchase are real estate taxes, capital reserves, abnormally low condo fees, and potential warranty issues for new or newly renovated construction.
In any real estate purchase, you are well-advised to hire an attorney to represent you (and you alone - a lender's attorney will have divided loyalty at closing, though not necessarily at earlier stages). It would be even more important in this context, and you should allow for additional expense to cover the unexpected.
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