10For consumers interested in purchasing a condominium, there are a number of variables to

consider, many of which differ from those associated with the purchase of a home and are

unique to buying a condominium.

TEN THINGS TO CONSIDER Before buying a condo

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

01THING #1

What are the current monthly fees for the unit? !

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

02THING #2

What are the rules regarding pets, common areas, and amenities? !

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

03THING #3

What is the percentage of live-in owners versus renters? WHY? To get a general idea of the current and predicted tenure of the building’s inhabitants. More renters may give some prospective buyers pause.

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

04THING #4

Discover any big-ticket maintenance items on the horizon. !Will this expenditure be paid from reserves or a special assessment?

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

05THING #5

Ask if the association has been involved in litigation in the last five years.

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

06THING #6

Are there any liens on the condo for unpaid taxes or assessments? !

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

07THING #7

Is there sufficient wind, fire and liability insurance? !Don’t assume the association has the appropriate insurance coverage.

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

08THING #8

Read the condominium declaration and by-laws. !WHY? Review the language in these documents to help in your decision-making process, and to allow for a better understanding of the limitations on your actions as a unit owner and how they pertain to the property.

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

09THING #9

Inquire about current members of the board. !WHY? To ensure they do not conflict with relevant legal statutes related to administering the association’s declaration and by-laws.

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

10THING #10

Study the association’s financial reports. !‣ Are reports issued monthly? ‣ Is there an annual review of actual income and expenses? ‣ How is the money spent? ‣ Is the reserve adequate?

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

11BONUS THING - THING #11

Are there any architectural restrictions? !

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.

How can Lugenbuhl assist you with condominium law? !

Stanley J. Cohn Attorney At Law | New Orleans Office !CALL: (504) 968-1990 EMAIL: scohn@lawla.com VISIT: www.lawla.com/attorneys/stanley-cohn !!

Phone: (504) 568-1990 Address: Fax: (504) 310-9195 601 Poydras Street, Suite 2775 Website: www.lawla.com New Orleans, LA 70130

The content of this presentation does not constitute legal advice.