I recently took a couple to see an apartment that fit all their needs. The “musts” for these buyers were the following; work-live, bright, condo and of course a washer and dryer. When buyers are looking they always have a “laundry list” of needs and wishes. Sometimes the tiniest thing like the color of the hallways can turn off a buyer or bigger things like pet policies and subleasing structures hold them back.
In this case all seemed a perfect fit. They were SOLD. We happily proceeded to the contract phase.
After four, yes 4 weeks, with check in hand and ready to sign, I got a call saying the deal was dead. To make a long story short, we were patiently waiting for the minutes from a “questionable” management company. Any savy buyer would not sign until these were reviewed, after they were we could fully execute the contract and close ASAP. When we finally received the 3 pages of minutes they stated ABSOLUTELY NO WASHER DRYERS were allowed in the condo and the owners were subject to a fine of $2,000.00 and would be responsible for any damage to the building, be it flooding, water or exhaust problems. Not only was a washer dryer in a unit for sale, but several other units in this condo. In fact at this moment it is still being advertised as ALLOWED on one of the active listings in the building!
The lesson for the buyers: Get the minutes and review the house rules immediately and by all means insist that your attorney go over them with you post his/her review!
The lesson for the sellers: Know the rules of the building. By all means don’t try to slide things by, lawsuits and publicity about negative aspects of a building will do nothing but harm the sale of your place!
In this case all seemed a perfect fit. They were SOLD. We happily proceeded to the contract phase.
After four, yes 4 weeks, with check in hand and ready to sign, I got a call saying the deal was dead. To make a long story short, we were patiently waiting for the minutes from a “questionable” management company. Any savy buyer would not sign until these were reviewed, after they were we could fully execute the contract and close ASAP. When we finally received the 3 pages of minutes they stated ABSOLUTELY NO WASHER DRYERS were allowed in the condo and the owners were subject to a fine of $2,000.00 and would be responsible for any damage to the building, be it flooding, water or exhaust problems. Not only was a washer dryer in a unit for sale, but several other units in this condo. In fact at this moment it is still being advertised as ALLOWED on one of the active listings in the building!
The lesson for the buyers: Get the minutes and review the house rules immediately and by all means insist that your attorney go over them with you post his/her review!
The lesson for the sellers: Know the rules of the building. By all means don’t try to slide things by, lawsuits and publicity about negative aspects of a building will do nothing but harm the sale of your place!
1 comment:
Brian, we recently experienced the same sort of thing. I cannot express the importance of reviewing minutes to condo/coop board meetings. They are a VERY accurate indication of what is going on. Thats where you get the nitty gritty (i.e. elevator replacement, roof repair, lawsuits and violations). I don't know how many years you are legally allowed to view. Whatever it is, its a must read! Great advice!
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