ICondo buyers receive disclosures and financial statements from the homeowners association before they buy a condo. It is a state law. When they go to sell the condo and request condo documents for the buyer they will have to pay hundreds of dollars for them. If they want the documents in a few days they will pay fees to expedite them.
Owners will pay fees at closing for documents from the association needed for the closing. They may also pay more to have those documents expedited.
These fees are a surprise to the owners because they don’t find out about them until they go to sell. The fees are not negotiable and owners are forced to pay if they want to sell, so they pay and move on.
Are they junk fees? Often the documents are all electronic and accessible through the Internet. Back in the bad old days, they were printed documents. Sometimes many pages in large plastic three-ring binders. Charges for paper documents make sense.
Condo owners should have a plan for getting all of these documents so that they do not have to pay even more to expedite the process.
Buyers have ten days to review the documents before committing to buying the condo. The ten-day recession period doesn’t start until the buyer gets the documents.
How expensive are your condo documents? How easy is your association or management company to work with when it is time to sell?
