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Welcome to Find-Real-Estate-Listings.com
Due Diligence Checklist for Condominiums
Condominium Specific
- How many units are in the building? How many of these are rental units?
- How much money is in the condo corporation's reserve fund?
- Are there any major repairs or improvement that will need done in the near future (i.e. roof,
windows, appliances, parking lot resurfacing, intercom system…)? Is there enough money in the reserve
fund to cover this cost?
- What is the reserve fund ratio? - view financial statements of condo corporation
- What is cost of monthly condo fees? Has this number fluctuated much over time? What is included in this fee?
- Are the parking facilities adequate (i.e. visitor parking, allocated stalls per unit, additional
stalls available for rent)?
- What could be done to increase the rent of the unit?
- Are there any current plans to increase condo fees or for a cash call to owners?
- Who is the property management company? What are they responsible for? (i.e. maintenance, tenant issues,
finding tenants, collecting rent…)
- Is the contract with this management company up-to-date? Could their costs increase in the near
future?
- Are the tenants happy with the condo management service? What is the building vacancy rate?
- Are there any specific restrictions against rental units? (larger damage deposits, etc…)
- Is there a rental pool in place? What is the unit factor for distribution of pooled rents?
What
is the fee for managing the pool and who does this?
- Have you reviewed meeting minutes from the last couple years of condo association board meetings
to determine potential problems? How well have they stayed on budget?
- Who is on the condo board? Have you spoken with them?
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