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.

An NYC first, 111 Murray has just debuted an “art concierge” service that will do all your fine art hunting for you. in the condos. 111 Murray’s lobby and common areas will also hang blue-chip.