In Minnesota people who buy condominiums have a ten day recision period in which they can review the condominium documents and if they don’t like what they see they don’t have to buy the condo and they get their earnest money back.
Here is a list of some of the things that a condo buyer should look for in the documents:
1. How much are the association dues and what do they cover?
2. Does the association have any money?
3. Are there scheduled repair and if so is there money to pay for them?
4. Can units be rented out?
5. Are pets allowed, if so are there any restrictions on how many pets or what type of pet?
6. Is the condo building smoke free?
7. Is the association managed by a professional management company or by the members?
8 Are there any restrictions on the use of the property that would limit your enjoyment of it?
Read the rules, read the documents even if there are a few hundred pages. It is worth it in the long run. If they don’t make sense ask questions. Ten days is enough time to find an expert and you can contact the association president and ask questions. I know I would.