My headline is a little silly. I recently helped an investor buy a condo and the agent who was representing the seller seemed to know that the buyer had to have some association documents but did not include all the required documents.
Selling a condo is a little more involved than selling a regular home. The good news is that all of the documents are listed on a addendum that is part of the purchase agreement. Buyers should reference the addendum and check to make sure that they have all of the documents.
Under a consumer protection law Minnesota condo buyers have a ten day period to review the association documents and can withdraw their offer without penalty if they do not like what they see.
Buyers should actually read these documents.
Here is a list of documents as outlined on the condominium, townhouse and cooperative addendum:
DOCUMENTS: Seller is required to furnish Buyer with the following documents relating to the Association and/or the Master Association, if applicable, before conveyance of unit:
38. (1) (a) a copy of the declaration (other than any CIC plat), (b) the articles of incorporation, (c) bylaws, (d) any rules
39. and regulations for the association, and (e) any amendments or supplemental declarations;
40. (2) a copy of the master declaration, articles of incorporation, bylaws, and rules and regulations, if the common interest
41. community is a member of a master association;
42. (3) (a) a Disclosure Statement (for initial sale of property) and all amendments thereto required by MN Statute
43. 515B.4-101, including a balance sheet of the Association, current within 90 days, and the projected annual budget
44. of the Association and a statement identifying the party responsible for preparation of the budget; or (b) Resale
45. Disclosure Certificate (for resale of property) and all amendments thereto required by MN Statute 515B.4-107,
46. including the most recent regularly prepared balance sheets, income and expense statements and current budget
47. of the Association. The Resale Disclosure Certificate from the Association must be dated not more than 90 days
prior to the date of this Purchase Agreement or the date of conveyance, whichever is earlier.