Why Cash Reserves Can Be Misleading At least in Minnesota, anyone buying a property in a Common Interest Community (“CIC”) — typically, a condo or townhome — has 10 days after completing the Purchase Agreement to review the related Association documents. What should Buyers be on the lookout for? Not the Association’s pet policy —...Read More
Building Precedents (and Lack Thereof) “If it exists, it’s possible.” –Unknown “If it doesn’t [already] exist . . . it probably isn’t [possible].” –Corollary, Ross Kaplan I am handling not one but two deals at the moment involving Common Interest Communities (“CIC’s”), otherwise known as Condo or Townhome Associations. In both deals, I am representing Buyers...Read More
Common Interest Community (“CIC”) Rules & Reg’s Test your knowledge of Common Interest Communities — typically associated with condo’s and town homes — and answer the following multiple choice question: Which of the following is most likely to be a deal breaker in the sale of a condo or town home? A. No fireplace —...Read More
(And Why it Matters) Quick, test your knowledge of housing styles and answer the following: How do you tell the difference between a condo and a townhouse? A. Physical appearance. B. By reviewing the Seller’s Disclosure. C. Whether there’s an owner’s association. D. By looking at the legal description. Answer: D. Normally, Buyers (and Realtors)...Read More
