{"id":365,"date":"2010-07-09T16:29:03","date_gmt":"2010-07-09T16:29:03","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=365"},"modified":"2010-07-09T16:29:03","modified_gmt":"2010-07-09T16:29:03","slug":"together-we-really-can-the-combined-enterprise-of-the-buyers-agent-and-the-buyers-attorney-in-condominium-purchases","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=365","title":{"rendered":"Together We REALLY Can–The Combined Enterprise of the Buyer’s Agent and the Buyer’s Attorney in Condominium Purchases"},"content":{"rendered":"

While there has been a marked increase in both new and conversion condominiums in Massachusetts<\/strong>, where I practice real estate law,<\/strong>and most other jurisdictions in ActiveRain nation, it is my sense that many people get involved in a condominium purchase without any real understanding of what they are getting into and the inherent risks involved in condominium ownership. I have written other posts about the inconsistencies of condominium governance and the difficulties condominiums experience in<\/strong> encouraging able and stable people to serve as Trustees and Officers.<\/strong> That will not be the subject of this post.<\/p>\n

This post is designed to be more positive. I want to lay out some of the guidelines I have followed in representing Buyers of Condominium Units,<\/strong> and how I have been able to work together with committed Buyer Agents to do the best possible work in terms of due diligence and disclosure. It is this “teamwork” element that I want to stress. I am so grateful for the advent of Buyer’s Agency, because I now have a real ally on the Buyer’s side. There are no conflicts here; the Buyer’s Agent and I are on the same page.<\/p>\n

\u20221.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Pre-Offer Stage. This is where the Buyer’s Agent can really shine. I suggest that the Buyer’s Agent accompany the Buyer to the Condominium and then knock on some doors. Speak to the current residents. Ask them how things are going with the Condominium Trustees. Do they keep you informed of meetings? Are minutes ever distributed? If you have day-to-day problems, are they addressed? More than anything, this due diligence will give your Buyer a sense of what he or she is getting into. Remember, if the people interviewed lie, or even embellish, they are going to have some really embarrassing moments making explanations for their imprecations in the elevator or the laundry room.<\/p>\n

\u20222.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Offer Stage. This is where the Buyer’s Agent and I can combine our efforts. The Buyer’s agent must be meticulous in terms of including everything that is included in the purchase in terms of appliances and other personal property. The Agent must make sure that the Buyer’s obligations are subject to the review of the Condominium Documents and Financial Information by Buyer’s counsel. Once the Offer is signed, I can almost always locate the Master Deed and Condominium Trust on-line. I will do this right away and alert my client to any aspect of the documents (pet’s policy, right of first refusal, policy on rentals) which I think is important. The Buyer’s Agent should be obtaining a current Financial Statement, Budget for the coming year and Minutes (if any) of the Condominium Trustees. I will review these, as well, and report any items which may be “red-flags”.<\/p>\n

\u20223.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Purchase and Sale and Thenafter. There are certain basic items which I will include in my Buyer’s Rider. These include a statement about no future assessments and title representations which will be important at the closing table. My firm will obtain what is called a Municipal Lien Certificate which indicates the status of tax payments to the city or town where the Unit is located. Normally, the Buyer’s Agent will track down the 6(d) Certificate (statement that the Condominium is current in monthly condominium fees) and a Certificate of Insurance issued by the insurance carrier, who insures the Condominium common areas, which indicates the Buyer as an insured under that policy at 12:01 AM on the date of closing. The Buyer’s Agent often assists the Buyer in obtaining an HO6 Policy which protects personal property within the Buyer’s Unit and liability for occurrences within the Unit.<\/p>\n

So, you can see how truly “joint” the enterprise between Buyer’s Agent and Buyer’s Attorney has become in terms of Condominium purchases. Together, we cannot solve all the problems which exist in Condominium governance. On the other hand, we can make sure that we have an informed, and prepared, consumer, and that knowledge can do nothing but make the experience more manageable.<\/p>\n","protected":false},"excerpt":{"rendered":"

While there has been a marked increase in both new and conversion condominiums in Massachusetts, where I practice real estate law,and most other jurisdictions in ActiveRain nation, it is my sense that many people get involved in a condominium purchase without any real understanding of what they are getting into and the inherent risks involved … Continue reading Together We REALLY Can–The Combined Enterprise of the Buyer’s Agent and the Buyer’s Attorney in Condominium Purchases<\/span> →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[144],"tags":[235],"class_list":["post-365","post","type-post","status-publish","format-standard","hentry","category-condominium","tag-combined-efforts-of-buyers-agent-and-attorney-in-condominium-purchase"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":144,"url":"https:\/\/blog.topbev.com\/?p=144","url_meta":{"origin":365,"position":0},"title":"Condominium Operations–It’s Time for a Change","date":"June 23, 2010","format":false,"excerpt":"Over the years, I have had many opportunities to become part of the Condominium process. I have drafted Condominium Documents, both conversions and new projects. I have\u00a0closed literally thousands of mortgage loans, which involved either Condominium purchases or refinancing. I have also represented Buyers and Sellers of Condominium Units of\u2026","rel":"","context":"In "Condominium"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":264,"url":"https:\/\/blog.topbev.com\/?p=264","url_meta":{"origin":365,"position":1},"title":"Massachusetts Condominiums Should have Websites–It outta be the Law","date":"June 30, 2010","format":false,"excerpt":"Condominiums in Boston, Massachusetts and surrounding towns come in all shapes and sizes. There are a plethora of 2 and 3 Unit condominiums, former personal\u00a0properties where the owner usually lived in one of the apartments, and rented out the other apartments to family or third parties. These \"Mom and Pop\"\u2026","rel":"","context":"In "Condominium"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":179,"url":"https:\/\/blog.topbev.com\/?p=179","url_meta":{"origin":365,"position":2},"title":"New Condominiums–More TRAPS for the unwary","date":"June 24, 2010","format":false,"excerpt":"It is starting to happen again. Just like it did in the late 1980's and early 1990's. Condominiums are in financial trouble, I have previously written a Featured Post about delinquent condominium Unit Owners and what Trustees MUST do to collect common area fees from them. A similar, but potentially\u2026","rel":"","context":"In "Condominium"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":415,"url":"https:\/\/blog.topbev.com\/?p=415","url_meta":{"origin":365,"position":3},"title":"That Old Stand-By “The Condominum Conversion”—Some “how to” Steps for a Real Estate strategy that Still Remains Viable","date":"July 12, 2010","format":false,"excerpt":"Even in today's distressed real estate environment, there are times where a condominium conversion makes sense. I have been working on condominium conversions for more than twenty year. There follows a short summary of the process, with the thought that condominium conversion may make the best sense for your multi-unit\u2026","rel":"","context":"In "Condominium"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":175,"url":"https:\/\/blog.topbev.com\/?p=175","url_meta":{"origin":365,"position":4},"title":"Delinquent Common Area Fees–The Only Policy is ZERO TOLERANCE","date":"June 24, 2010","format":false,"excerpt":"It was the late 1980's. Condominiums in Massachusetts were literally going \"broke\" because unit owners were not paying their common area fees. That meant that water bills and common electricity bills were not being paid. The towns and utilities tried to work with the Trustees to the extent they could.\u2026","rel":"","context":"In \"actions by trustee\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":152,"url":"https:\/\/blog.topbev.com\/?p=152","url_meta":{"origin":365,"position":5},"title":"Review of Condominium Financial Statements and Operations–Some Guiding Principles","date":"June 23, 2010","format":false,"excerpt":"One of the functions of an attorney representing a Buyer of a Condominium is to review the financial statements and operations\u00a0of the Condominium, as well as the constituent condominium documents such as the Master Deed and the Condominium Declaration of Trust. In a future post, I will delineate what I\u2026","rel":"","context":"In "Condominium"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/365","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=365"}],"version-history":[{"count":2,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/365\/revisions"}],"predecessor-version":[{"id":817,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/365\/revisions\/817"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}