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Important Step in Buying a Condo - Reviewing the Condo Documents

Although most buyers would love to see these documents before making a decision to purchase a condo, there are some logistical and financial reasons why these documents come to the buyer after they ratify a contract. In Bethesda, the buyer then has 7 calendar days to review the documents and void the contract if the documents make the property unappealing to the buyer. For example, if there are bylaws that the buyer does not want to obey, or if the association has a very low reserve fund for future repairs and a history of issuing large assessments to its unit owners. This period of review is called the Right of Rescission Period and it is something that the buyer cannot be asked to waive.

One of agents, Dana Hollish Hill, has written a blog post on her website that spells out some tips for reviewing condo documents on a deadline.

Of course if you have any questions, give Dana a call at 202-271-5301.

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