Condominium Inspections: What is the Big Deal

Condominium Inspections: What = is the Big Deal?

We get asked by a number of realtors to perform a very inexpensive condominium unit inspection. The focus with this particular group of people is the pric= e of our services and how quickly they can “seal the deal” with a potential purchaser.

The investment in a condominium is more complex than just checking the a few ro= oms and plumbing fixtures of a unit. When a purchaser makes an investment in a condo they need to understand that they are investing in a community. The v= alue of the investment is not only dependent on the unit but is dependent on the condition of all the shared elements such as the heating system, roof syste= ms, etc.

Why use an engineer to inspect a condominium?

As professional engineers we have the experience and knowledge to give you an opinion. Criterium-Jansen Engineers are licensed professional engineers who perform Residential and Commercial Building Inspections. =

One of our areas of expertise is condominiums. We perform construction monitori= ng, performance audits, and reserve studies for this industry.

When we look at condominiums, we inspect the unit, the common elements servicing= the units, and the documentation showing there are adequate funds and a plan to maintain the condominium common elements.

Do not be fooled into a false sense of security that the condominium is a simp= le transaction. Your buyer is investing in a personal purchase as well as in a community. Let us help your buyer make an informed decision.

What is a Stat= us Certificate?

The status certificate reveals information such as if the condominium unit sell= er has paid the required share of common expenses, and if there is a lien on t= he unit being sold. The condominium corporation’s budget, reserve fund balance and management contract should also be included. =

If there are plans to do major work on common elements – like a parking garage or roof – the condominium corporation may require a special assessment for additional condo fees to pay for the work. These plans shoul= d be spelled out in a status certificate. Make sure you review the status certificate with your buyer. We are here to help you with this.<= /span>

Putting the Pieces Together: Realtor Relationships and Their Roles in Condominium Communities<= /b>

When a unit in a condominium community changes hands, there is an opportunity to communicate essential information in a way that is helpful to the buyer and= to the community. If that opport= unity is lost, misunderstandings – or worse – may result. It is up to both the real estate a= gent and the condominium management to “put all the pieces together”= for the new owner.

One way to accomplish this is for the Board of Directors to conduct an orientat= ion for any real estate agent that might be considering listing or selling prop= erties in that community. The meeting would include imparting a sense of the culture of the community, but also information that is necessary to be conveyed to the buyer.