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
Buyers, Sellers — and Condo Associations When Realtors talk about how “cooperative” a client is, they’re usually thinking of Sellers. So, a cooperative Seller is one who takes (most of) their Realtor’s advice about home prep and staging; prices realistically; has their home looking great for showings and is reasonable about accommodating same, etc. A cooperative...Read More
Reassuring Condo Buyers Normally, someone who purchases a condo or townhome has to wait until they’ve signed a Purchase Agreement to find out how financially strong (or not) the building or development is. See, “Ten Day Review Period . . . 2 Weeks Too Late.” Then, they have ten days to review the related materials...Read More
How Strong is the Condo Association? I’ll discuss this year’s legal and forms changes (exciting stuff, I know!) in another post. But one of the things that did not change this year — and I predict will next year, if not sooner — is the timing of Condo and Townhouse Association disclosures. At least in Minnesota,...Read More
The $64,000 $500,000 Question: Can You Finance It? Apparently, there are now a number of Downtown Minneapolis condo’s on the market listed at “too good to be true” prices. The catch? They’re in buildings with checkered histories, making financing more difficult if not impossible. Specifically, the list of stumbling blocks include: –Buildings with pending litigation due to defects; –Condo...Read More
