Condominium Bylaws Matter. Pay Attention to them.
If you’re considering buying a condominium, the seller has probably made all sorts of promises about the way the condominium is operated and the benefits of the condominium. While it’s fine to hear the seller out and to listen to what he or she is saying, never take the seller’s word for fact. You’re going to want to get your hands on a copy of the condominium bylaws to get better insight into how the condominium operates.
What are the Condominium Bylaws?
The condominium bylaws are found within the document, and set forth restrictions for the condominium owners and board members. They also detail processes owners need to remove board members who have overstepped their power or abused their power, and discuss the guidelines owners must follow if they are part of the condominium. They are basically the governing document for the condominium and the rules and regulations are created from the bylaws document. It’s essential to read the condominium bylaws and retain a copy if you’re considering purchasing a condominium.
Duty to Comply with the Bylaws
Both board members and condominium owners have a duty to comply with the bylaws. Those who do not could be taken to court and sued for not being in compliance or be fined. The bylaws contain all sorts of regulations, such as the maintenance of the condominium, how the outside of the condominium units should look, the proper processes owners should follow if they’re unhappy with the board members and more.
Things to Look For
When reading the condominium bylaws, there are a few things you’ll want to really look for. The condo docs which generally contain the bylaws detail the methods for receiving the monthly dues from the unit owners, as well as processes that may take place should the owner fail to provide their monthly fees. They also outline the board member’s powers and the number of owners it takes to remove a board member, as well as the process that must be followed in order to do so. Look for the rules of the upkeep on the condominium units as well as the consequences of not being in compliance with the bylaws.
Tips for Purchasing a Condominium
In addition to obtaining a copy of the condominium bylaws, you’re also going to want any additional paperwork that the seller can get you. This might include the declaration of condominium. If you are looking for a copy of your condo docs we can provide them. It’s important to take some time to read fully over these documents. Within them are often the rules and regulations that must be followed by condominium owners and board members. They can help you determine whether a specific condominium is right for you or not.
By ensuring that you get your hands on these documents, you will receive the truth about the condominium you’re considering rather than bright promises from the seller.