Episode 5: What is the Due Diligence Process for Condos and Co-ops?
In this episode of Rock the Closing, real estate attorneys Dalia and Orsolya break down the due diligence process when buying a condo or co-op. They cover essential steps such as property inspections, document reviews, and reading board minutes, helping buyers understand how to avoid potential pitfalls and make informed decisions.
IN THIS EPISODE, YOU’LL LEARN:
First impressions matter: What to look for when visiting a condo or co-op for the first time.
What does an inspector do? How inspectors evaluate everything from windows to major building equipment like boilers and elevators.
Key documents your attorney reviews: Offering plans, house rules, and policies on alterations, leases, and smoking.
Risks to watch out for: Lot line windows (which might be closed if new buildings are constructed nearby) or structural issues.
Public records research: What attorneys search for on websites like the Department of Buildings or ACRIS, including open permits, violations, or unpaid taxes.
Attorney questionnaires: Essential questions to ask about building finances, upcoming assessments, maintenance fees, and policies on pets or smoking.
Board minutes insight: How reading board minutes can reveal key details about the building, from neighbor disputes to planned improvements. By the end, you'll have a clear understanding of what to expect in the due diligence process, ensuring you're fully prepared for your real estate transaction.
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Music Credits
Music by SoundHills, Beautiful Minds. Find more at https://protunes.net/
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Disclaimer:
Thank you for tuning in to RTC! This podcast is hosted by real estate attorneys, who offer valuable insights. Please remember that the content is for educational purposes only and does not constitute legal advice. Always consult a qualified professional before making any decisions. This podcast is copyrighted by Rock the Closing, and any reproduction, syndication, or rebroadcasting of the content requires written permission.
