how does a condo work

Best Answer: you buy a condo like a house: usually with a down payment and a mortgage. they range in pricing depending on what you want/need. They also usually include an association fee, which generally takes care of the yard work, snow removal, maintenance of the outside of the building, etc.

People tend to think of condominiums as smaller houses without the yard work. And, since most condo owners are at opposite ends of the homeownership spectrum, either first time buyers seeking.

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Smart buyers do not automatically assume they can get a condo loan on any condo they want to buy. For example, Sherry (not her real name) thought she had landed the perfect high-rise condo in East Sacramento. The price was right, the location was perfect, and the view was magnificent.

With certain condos, there may be a covenant that gives the association the power to collect past-due maintenance and association fees in priority over your mortgage. If this is the case, you will likely have to either make a very large down payment or choose a lender that does financing on non-warrantable condos.

Condos and co-ops operate similarly in terms of how the public space is maintained. Condos have condo associations and co-ops have a board where members can vote on changes, additions and.

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How does the condominium work in Italy? Nama Real Estate.. In this video I’ll talk about how important it is to check the legal situation of the condo in which the house you intend to buy is.

How do condos work? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Although there are several ways to buy insurance for your condo, your best bet is to work with an independent agent. A local Trusted Choice member agent in your area can compare condo insurance rates from multiple insurance carriers and help you choose the best policy for your needs.

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