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Discussion Starter #1
Tommrow I am taking ownership of my condo.. :)

For all of you who have gone through this before is there anything I should be on alert for during settlement? So far everything has been smooth sailing, but im still nervious as all hell!
 

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i should hit you up for advice; i've been looking for a while and i'm just about ready to pull the trigger.
 

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Closing is usually non-eventful. Once you get to that point, all of the details have been worked out and haggled over. Just be ready to sign your name on at least a dozen forms. If you have any questions during the process, make sure to ask the closing company. Don't just let things go that you don't fully understand.
 

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Congrats smokeU6s!

Did you have a home inspection? And if so, did they inspect shared "systems", like heating/cooling, electrical, roof, etc.?

You may also want to inquire about your liability when it comes to major renovations (i.e. roof replacement, etc.) within the complex.
 

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Discussion Starter #6
Thank you for the congrats!

Yes I had the home inspection about a month ago, the place is nearly flawless! the heating unit and water heater are near the end of their lives though. Hopefully I can eek out a year or so from them , cuz the 2 will cost near 2k to replace!

Its a condo so I only have to worry about inside walls.

MK706, its definatly an experiance, be prepared to spend lots of money. Closing costs are just north of 4k... ( for me anyway ).

Thats what I heard though that most of it is paper signing, hopefully it all goes smoothly.
 

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Discussion Starter #8
Make sure you get that in writing. I know a condo complex in north Jersey where roof replacement costs were added to the association fees.
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OO Ok. I think all of those costs are already included in the assc fee but I will look into it.
 

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The association fee SHOULD include a capital account for the eventual replacement of common items (like roofs, exterior, hallways/entryways...) However, that is not always the case, and if the account is inadequate, the association may assess the expense to the unit holders.

Make sure your insurance includes enough structural coverage to cover any deductible assessments the association's coverage may make you pay. Most condo/townhome owners do not.

I would certainly expect that you have read the association documents for rules and have looked over their financials (balance sheet and income statement) for the last reporting period (or had someone you trust review them).

I also recommend you don't sign blindly on the closing documents. There are a lot of them, but make sure they don't sneak in any last minute provisions.

Consider a tankless water heater for replacement. They cost more, but last much longer, and only heat water when you need it.
 

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I second the tankless water heater. They are more money up front, but you save on operating costs, since you aren't constantly heating water. And with the tankless system, you will never run out of hot water and, you'll gain the space a conventional water heater takes up.
 

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Congrats. It is a rewarding experience although nerve-racking. Make sure you do a final walk-through to check for any damage or conditions that you didn't expect when you finally take ownership (dinged door frames, scratched counter tops...etc).
 

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Relax and enjoy it. Want stress? Try selling your house.

I'm closing on my new place in about a week, and going to put my current one on the market a day or so after. Except there's a housing glut now in MA and I'm scared that it won't sell. Three other houses and a condo for sale on my street alone! 20 years of perfect credit could be wiped out...
 

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Discussion Starter #13
Well Im in my new place and loving it!!


1100sq ft all to myself:)

not to mention a 32" westinghouse lcd tv!

and my gf naked on my bed right now.... gotta go :)
 
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smokeU6s
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