Here are some questions you’ll want to be answered before you buy. It’s also a good idea to see if you can attend a meeting of the association, to get a sense of how well it’s managed.
- Is there enough money in reserves for repairs?
- Are there any plans for assessment fees or major repairs?
- Is the seller current on the association and assessment fees?
- Has the association filed bankruptcy and/or been involved in any lawsuits?
- Can you see the association’s financials? (They might be provided with the CC&Rs – Declaration of Covenants, Conditions, and Restrictions )