can you own a condo

If you have never bought a condominium, you may be surprised at all of the different issues to consider. Buying a condo is not the same as buying a house. Not only could you have adjoining walls.

If you live in a condo and are considering the prospect of getting a reverse mortgage, there are several first steps you can take to see if your condominium is FHA-approved. HUD keeps a database of all the FHA-approved condominiums that the public can access at any time.

You can see why condominiums would be ideal for people who want to own a piece of real estate but don't want to worry about yardwork and.

2 Can a Condo Association Foreclose on a delinquent unit? 3 What Are the Procedures When a Homeowners Association Tries to Foreclose? 4 What Does It Mean to Perfect the Lien-Only in Foreclosure?

Buying a condo can be an intimidating experience, especially if you are a first-time buyer. Learning a few tips on how to buy a condo can help you approach the process with more confidence, and save you a few bucks in the long run.

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You are not responsible for the building, only for your property and liability. If you own a condo, you’ll want condo insurance. It covers your investment in all the things that aren’t the association’s responsibility. Of course, your mortgage company will expect you to have a condo policy as well, if there’s a loan on it.

deck and parking add the privacy and perks you won’t get in a condo of the same size. Interiors have the bright, whitewashed.

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You can ask your tenant for a security deposit but you cannot use this money to pay the condominium corporation’s security deposit. You must put the tenant’s security deposit money into a trust account within two banking days of receiving it and keep records of the security deposit for at least three years.

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