Things Downtown Minneapolis Condo Buyers Should Consider.

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Buyers who are considering the purchase of a condominium should inspect the health of the home owner’s association before they close.

The seller is required provide the buyer all financial documents relating to the association in time for the buyer to review them before closing.

The buyer should consider:

• Does the association budget include money for operating expenses such as water, lights, elevator maintenance, and landscaping?
• Is there extra money set aside in a reserve fund for long-term maintenance? If there is an outside reserve study, that should be provided. 
• Do the condo’s expenses exceed revenues due to a high foreclosure rate or other reasons that owners’ debts go unpaid?
• If there is a shortfall, does the association have a plan besides cutting back on services for making it up?

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