Before you buy a condo, read beyond the monthly fee.

Start with the documents

• Recorded master deed or declaration, trust or bylaws, amendments and current rules.
• Current budget, financial statements, reserve balance and any reserve study or capital plan.
• Recent board and owner meeting minutes; I would ask for 12–24 months where available.
• Notices of approved or proposed assessments, association loans, major repairs, litigation and insurance claims.
• Master insurance policy and deductibles, plus the lender’s completed project questionnaire.

Who is responsible for what?

Make a written list for windows, doors, roof, siding, decks, plumbing and heating equipment. For each item, identify the document section, who maintains it, who replaces it and who pays. Maintenance and insurance responsibilities are not always the same.

Ask your attorney to resolve conflicting provisions. Have your insurance professional compare the master policy with your individual coverage. “The association handles the outside” is not specific enough.

Connect the budget to the buildings

Review cash already saved alongside annual contributions and the expected work. Ask whether a low monthly fee reflects efficient operation or costs that have been postponed.

Fannie Mae’s Full Review evaluates budget adequacy and reserves. Financing approval involves more than the buyer’s preapproval: the project itself may need review. Send the documents to the lender early.

Source: Fannie Mae: Full Review Process and replacement reserve studies

Read the minutes for unfinished decisions

• A repair discussed repeatedly but never funded.
• Different estimates for the same project.
• Insurance renewal issues or deductible changes.
• Proposed rental, pet, parking or alteration rules that matter to your intended use.
• An assessment approved after the seller completed earlier paperwork.

Before your contingency expires

Ask for written answers to open questions. Confirm the unit’s share of any assessment, when payments are due and how the contract allocates them between buyer and seller. Make sure your lender and attorney have the same current documents.

My role is to help you organize the questions and keep them from getting lost in the transaction. Legal interpretation, loan eligibility and insurance coverage belong with the professionals responsible for those decisions.

Sources and review notes

• Fannie Mae: Full Review Process and replacement reserve studies

This is an educational guide, not a property-specific legal, financing, insurance or engineering opinion. Requirements and project status can change. Confirm the current records and applicable terms for your transaction.