2004 October

It’s a lifestyle and a choice…
By Rich Mellin

Living in a common interest community has become increasingly popular.  There are over 250,000 condominium associations in this country that represent an estimated 15 million residential housing units nationally.  Not all communities however are created the same.  The legal documents differ significantly in many cases… as do prices, location, styles, amenities, etc. 

Just as there are many different types of legal documents, there are often differences of opinion among people who elect to live in a condominium.  The majority of people enjoy living in a more regulated and uniform form of homeownership.  However, there are always a few who don’t wish to live under any rules or restrictions.

It never ceases to amaze me how many buyers don’t seem to realize what they have signed up for when they purchase a condominium.  One very important aspect of the  buying decision that should - but rarely does - come to light before a sales agreement is signed, is an understanding of the legal documents which include the by-laws that outline rules and regulations.
 
More often than not, new homeowners do not read the legal documents… until there is a dispute regarding the covenants, conditions and restrictions that regulate the community.  Many disputes could easily be avoided if buyers had just read the information provided to them before closing on a unit.

The dissention and conflicts that can arise, and emotionally overwhelm people when they disagree with the covenants, conditions and restrictions, can be easily avoided before closing on a condominium unit.  All that is required is to carefully review the legal documents to ensure they understand the lifestyle they are choosing.

Section 47-270 of the Connecticut General Statues, as revised by Public Act 95-187, requires that this information be provided to a prospective buyer before a unit is closed.  This information is disclosed in a “resale certificate” along with all the legal documents.  The buyer has five days to review the documents and cancel a sales agreement.  Some individuals do not look at these legal documents before they close on their new home… and some never look at them at all.

New owners need to understand their responsibilities as well as those of the association.  It is too late to complain after they have moved in about the impact of covenants, conditions and restrictions on their interests.  Community association managers encourage prospective owners to become more knowledgeable about their future community.  The information needed to do so is available and can help individuals determine if a particular community association lifestyle is the right place to live for them.  Remember… common interest ownership is a lifestyle… and a choice.