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Cover Your Asset Condos - Condo Experts; U.S. Real Estate/Condo Sales & Consulting for Buyers/Sellers & HOA’s, Developers, RE Teams, City Governments & Third-Party Professionals specializing in Condos
When you purchase a condo, you are also purchasing a business, the HOA. That includes accepting responsibility for everything the HOA is responsible for, once you become an owner under that HOA. Would you purchase any other business without performing thorough due diligence on the business structure, financials, assets and liabilities? Management companies and realtors are not permitted to act as fiduciary in most cases. It is up to you to compile this information, understand it and make an educated decision that will protect you and your family. Which is extremely important with aging buildings and underfunded reserves. Until America fills the "missing fiduciary" gap, like you will find in parts of Canada and even Malaysia, make sure you understand every detail. If you don't, it might be worth hiring an attorney to help with that part of the purchase process. We are here to offer as much education as possible, including AI that will read the document package and provide a report, highlighting areas worth paying special attention to.