HOW TO BUY A CONDOMINIUM by Lester & Patricia Brooks


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In 1973, as stated here, one half of all new housing units up for sale were condominiums; in 1974, one half of all housing sold consisted of condominiums. This guide is a rigorous course of sprouts for prospective buyers to digest, but it will pay to peruse it slowly and take it along when you're casing a neighborhood or hassling a salesman. And the authors do recommend hassling. Take that salesman or agent through every line of the contract to uncover all those things you should know about--all the immediate and potential costs to your pocketbook and your peace of mind: Where does your escrow go? What is the nature, extent and duration of your voting power within the owner group? What other facilities are planned and will you be charged? etc. etc. Information sources like the FHA, SEC, FTC are suggested for referrals; check the local zoning laws, and the constitution of the ""condocracy"" management; see that the provisions for reserve assessments are crystal clear. In fact, it is difficult to imagine anything omitted. With glossary, check list and bibliography, a definite contribution to the healthy trend toward consumer awareness of the many possible pitfalls in purchasing this type of popular new housing.

Pub Date: June 1st, 1975
Publisher: Stein & Day