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First time homebuyer here, have been househunting for awhile and I'm seriously considering a townhouse/condo with no HOA monthly fee. I like the fact that townhouses are newer than SF houses in my area (NE near Boston) but they typically carry a high HOA fee monthy. That's why I never considered townhouses until recently when I saw one that has no HOA fee. The townhouse I'm interested in is on the end with a side-yard next to the house and being on a corner, makes it feel like a single family. It does share a common wall as it's attached to the middle unit.
Wondering what is the typical arrangement between the 3 units in the complex. Listing agent said the current owners share landscaping cost (done by a prof. company) and there is a master insurance. Other than this, is it common to have a written agreement? I'm wondering what happens if work needs to be done that requires agreement between all the owners (say the roof needs replacement due to age, etc.).
What questions should I ask before putting in an offer?
What should I watch out for?
I would be nervous with the answer they just get together and split things. To many what ifs for me.
Find out if there are any Covenants, Deed Restrictions, Bylaws, Rules and Regulations, etc. attached to the deed. If here are then first dump the realtor for not knowing/lying, then read them carefully before deciding.
I would be nervous with the answer they just get together and split things. To many what ifs for me.
Find out if there are any Covenants, Deed Restrictions, Bylaws, Rules and Regulations, etc. attached to the deed. If here are then first dump the realtor for not knowing/lying, then read them carefully before deciding.
I would be nervous with the answer they just get together and split things. To many what ifs for me.
Find out if there are any Covenants, Deed Restrictions, Bylaws, Rules and Regulations, etc. attached to the deed. If here are then first dump the realtor for not knowing/lying, then read them carefully before deciding.
Yes. I live in a twin home which is recorded as a condo but has never had an HOA fee. The County claims an HOA was recorded, but after asking some of the original owners, there has never been an HOA fee nor has anyone ever seen an common area of any kind.
I've tried to refinance my house twice and each time it gets hung-up in underwriting because of this non-existent HOA. How do you prove something doesn't exist? It't been very frustrating. I have all my ducks in a row but in order to fix this mess, I've got to put out some major cash, have a new property plat redrawn and both me and my common wall neighbor have to get our mortgage companies to agree to the changes. We have to re-record our homes as single family homes before we can sell or refinance. Very annoying.
First time homebuyer here, have been househunting for awhile and I'm seriously considering a townhouse/condo with no HOA monthly fee. I like the fact that townhouses are newer than SF houses in my area (NE near Boston) but they typically carry a high HOA fee monthy.
You need to find out the following:
1. Is the property legally categorized as a townhome or a condo? A property can be a multi-level and multi-unit property that "looks" like a townhome but is classified as a condo. In the State of Georgia, it is part of the legal description and condo documents are filed with the state.
You need to check your CC&R's and any other legal paperwork; note that all issues need to be in writing regarding the obligations of each owner. Hearsay means absolutely nothing in the eyes of the law.
ok. So my offer was accepted and now, finally the condo docs and deed have been sent to me.
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