- 1). Identify condo real estate for sale in your investment price range. Focus on condo real estate for sale in your community. Owning real estate in another location is more challenging and really is best suited to people with significant experience in real estate investment.
- 2). Obtain an independent appraisal of any condo real estate you consider purchasing. Use the services of a certified appraiser with experience in dealing with valuing condominiums.
- 3). Engage inspectors to report on the premises as well. Inspections should cover the structural, electrical and plumbing elements of the condo.
- 4). Contact the condo association and obtain a copy of the association agreement. Review the condo association agreement to be clear on what services it provides to residents. Determine the amount of the association fee due monthly.
- 5). Obtain a copy of a financial statement or balance sheet for the condo association. The condo association may not provide this documentation to you directly. Therefore, you likely will need to have the current condo owner request a copy from the association to provide to you. You need to confirm the fiscal health of the condo association.
- 6). Enter into a contract for sale following the successful conclusion of all elements of the pre-sale review process.
- 7). Engage the services of a title insurance company to ensure that the title to the condo is free of any encumbrances beyond any mortgage lien that will be satisfied at the time of closing.
- 8). Close on the contract for sale of the condo and take ownership and possession of the premises.
SHARE
