We have a home to sell. Can you help us with that as we buy a condominium?
Absolutely! We have 5 generations and 3 decades of working with the busiest real estate company in Wisconsin, First Weber Realtors. With our familiarity to both the area Realtors and Home Builders Associations we have helped in many types of real estate sales including:
- New construction
- Selling one condo to buy another condo
- Waterfront homes
- Vacant land
- Prior Parade of Homes
Selling condos requires more knowledge of paperwork, contracts, and negotiations. We can definitely assist with your home selling goals as it is those basics that allow us to add this expertise of condominiums to residents of Wisconsin.
How do we learn about each condo association’s rules and bylaws?
Per Wisconsin rules “A condominium instrument, and all amendments, addenda and certifications of a condominium instrument, shall be recorded in every county in which any portion of the condominium is located, and shall be indexed in the name of the declarant and the name of the condominium. Subsequent instruments affecting the title to a unit which is physically located entirely within a single county shall be recorded only in that county, notwithstanding the fact that the common elements are not physically located entirely within that county. Subsequent amendments and addenda shall be indexed under the name of the condominium.”
Sellers provide these declarations, rules, and bylaws to you the buyer, many times by way of the Realtor and local MLS (multiple listing service), but both the county courthouse and your preferred local title company can help with the same.
What is an executive summary?
The executive summary highlights for a buyer of a condominium unit essential information regarding the condominium and can include information as:
- The official name of the condo association
- Possibly note if there are any expansion plans
- Can notify if the association is self-managed or has hired assistance
- Describes any special amenities like a club house, pool, or golf course
- May describe maintenance responsibilities for unit owners
- Answer if a unit can be rented
- Could explain what modifications can be made
- Define what parking is available
- Rules for pets
- Explain reserves or fees that may be had
Can the rules, bylaws, and executive summary be reviewed prior?
Absolutely! In fact it can also be beneficial to ask for the previous years financial statement as well as the current years budget goals.
I also suggest asking if there is any pending litigation between the association and anyone, including members, or otherwise. One example/instance I learned of was a condo that was for sale that had pending litigation with a service provider who used the wrong kind of paint on the metal garage doors…the paint begain peeling off the first day it became cold that November and kept falling of all winter. That was going to result in a special assessment for the garage doors to be repainted by someone to be named later, but is an example of how asking questions can prevent surprises later.
What is included in the association dues?
This will vary from association to association. Some associations, by example, will include cable tv, snow removal, and insurance costs. Sometimes the insurance is billed separately as a known special assessment. The master insurance policy will also cover different things from association to association, so it can be good to have your own insurance agent (who will insure the interior of your unit) to talk with the company that holds the master policy.