I see a lot of condo docs. They are part of the process of buying a condo. Buyers have ten days to review certain documents including financial statements and rules. I recently reviewed some documents that give the association the right to approve buyers.
None of the documents have any kind of criteria that the association can use to approve or reject a buyer. Rejecting a buyer could violate fair housing laws and put the homeowners association at risk.
Condo docs can be revised and updated. The documents I reviewed were last updated in the 1970s.
There are all kinds of crazy in some of the documents I see but they are written rules that night be consistently enforced and homeowners associations can make rules.
Owning a condo isn’t for everyone. I don’t think I would be a good fit even though the lifestyle appeals to me. I have clients who have always lived in condos and strongly prefer it.
Do read condo docs before committing to purchasing a unit. Also, work with an agent who has experience with condos.
Also see: Read the rules
Associations and condo docs are a pain point
