Miami Beach Real Estate

New construction condos always look great when they’re first built but remember that when owners take occupancy control shifts from the builder to the individual unit owners. At that time the unit owners run the condo association and take full control and responsibility for the property. Before you purchase you should read the master deed, the bylaws and every other governing document to find out what you will own and what you will not own. Good Realtors will always be willing to assist you in obtaining the documents you need to review. While reviewing the association documents, find out if they allow special assessments if there is an occasion for large one-time expenditures. The association should be able to special assess if problems arise. Be mindful of association documents that unreasonably restrict the right to special assess. Although this restriction might seem appealing, in reality an inability to special assess can ruin a condo development. There is no getting around the fact that thorough due diligence in the case of a condo purchase requires an extensive examination of the association records and legal documents. Examine them and ask questions before purchasing. In the long run you’ll be glad you did!