When you purchase a condo in Silver Spring, MD and beyond, the sale is subject to receipt and review of the condo documents. The seller will give (or should give) you the Condominium Seller Disclosure/Resale Addendum as part of the seller disclosure packet.
Part 1 of that document will already tell you the current monthly fee, any current or proposed special assessments, what's included in the monthly fee, whether or not the unit violates any of the condo rules and who the property management company is.
Part 2, the Resale Addendum, is executed at the time the condo docs are delivered to you which should happen more than 15 days prior to closing.
Silver Spring, MD Buyer FAQ: How long do I have to review the condo docs?
The condo docs can be quite the literature and (usually) include the deed, declaration, by-laws, rules and regulations, copy of master insurance and operating budget. The condo docs are yours to keep but you should review all within 7 days because that is the timeframe for your right to cancel the contract.
To be fair, it should not be looked at as an easy way out in case of buyer's remorse for example. At the time of delivery both sides have already invested time and money: inspections & repairs, appraisal, credit check etc.
However, in case the condo docs disclose information that you are not in favor of or agreement with (such as a low operating budget and a substantial condo dues increase possible; a large special assessment looming, a pending lawsuit ..), you can declare the contract null and void within those 7 days and without giving the seller a reason.
In that event, your earnest money deposit will be released to you after all parties signed the required release form.
Silver Spring, Md Buyer FAQ: How long do I have to review the condo docs?
Part 1 of that document will already tell you the current monthly fee, any current or proposed special assessments, what's included in the monthly fee, whether or not the unit violates any of the condo rules and who the property management company is.
Part 2, the Resale Addendum, is executed at the time the condo docs are delivered to you which should happen more than 15 days prior to closing.
Silver Spring, MD Buyer FAQ: How long do I have to review the condo docs?
The condo docs can be quite the literature and (usually) include the deed, declaration, by-laws, rules and regulations, copy of master insurance and operating budget. The condo docs are yours to keep but you should review all within 7 days because that is the timeframe for your right to cancel the contract.
To be fair, it should not be looked at as an easy way out in case of buyer's remorse for example. At the time of delivery both sides have already invested time and money: inspections & repairs, appraisal, credit check etc.
However, in case the condo docs disclose information that you are not in favor of or agreement with (such as a low operating budget and a substantial condo dues increase possible; a large special assessment looming, a pending lawsuit ..), you can declare the contract null and void within those 7 days and without giving the seller a reason.
In that event, your earnest money deposit will be released to you after all parties signed the required release form.
Silver Spring, Md Buyer FAQ: How long do I have to review the condo docs?
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