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: [email protected] 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.