Know the General Condition of Your Boston Condo BuildingJuly 19, 2014
When you make an offer on a Boston condo unit, it is subject to a satisfactory inspection by reputable building inspectors. Most buyers trust their inspectors to know what they looking for, such as common systems in the building, roof, pipes, signs of moisture, settlement, leaks etc. Inspectors also check Boston luxury homes inside the unit, from everything like bath fixtures, tile grouts, heating and air conditioning (if applicable) to kitchen appliances, pipes, signs of leakage and moisture, windows etc.
Get the Lay of the Land from Building Management
However, one thing they don’t check is the history of repairs, capital improvements in the building to date, any upcoming assessments for any work to be done prior or after the closing. Keep in mind it is up to the buyer, their attorney and their broker’s responsibility to seek this information on the Boston condo building.
Sellers and their brokers, for the most part, are forthcoming with the information, but there are times that issues fall between the cracks. Sometimes Boston luxury homes sellers “neglect” to disclose some important details - either about the building or the financials etc. These details could be minor, but that can create bad blood between the buyer and seller. It is always the best approach to be transparent with the facts.
My recommendation is to speak to someone at the building management company, or a trustee in the building who can tell you what issues have come up in recent years/months/weeks and what to expect. Basically, making sure to get the lay of the land before going forward.
It is so common to have deals fall through solely due to miscommunication, misunderstanding or misrepresentation. The issues could be mundane and unimportant, but I've seen it enough to encourage transparency and honesty upfront. Being thorough will go a long way for both buyers and sellers.