Anyone who wants to buy a condo in Minnesota is allowed to review the condo documents including the bylaws, rules, covenants and financial statements before committing to the purchase. There is a ten day rescission period, which means that any offer on a condo can be rescinded (withdrawn) with no penalty if the potential buyer isn’t comfortable with the rules or the association or the financial situation.
I sell several condos and assorted townhouses each year and I can’t ever recall someone backing out after they saw the condo docs. I do run into people who are not happy with their condo rules and who do not like their association.
Sure the documents are boring to read but it is really important to read them. Are pets allowed? Can you plant flowers in front of your unit? Can you leave the garage door open? Is there enough money to fix the roof? Can an owner use the condo as a rental unit? What about parking? Is parking included?
There are some condos that limit the use of outdoor patios and some that don’t allow signs of any kind anywhere and I recently looked at some rules that outline what color curtains or window blinds owners can have. One association I know of doesn’t allow any pets except fish and there is another that allows any kind of pet that is allowed in the city except birds of any kind.
Whenever people share spaces or property there just have to be rules.
Before buying a condo read that thick packet of information and go ahead and call the association with questions.