When buying a condominium, the first thing an experiended buyer will ask is "can I get the indentures and bylaws?" This is because buying Condominiums involves some very important details that are NOT invovled when buying single family homes.
Condominium owners usually own the interior space of their unit, and also a percentage of the association. This is also known as membership. The overall expenses of the whole association are managed by a condominium board, and / or a managment company, and each owner pays their percentage of the total fees. The association is governed according to a set of documents known as the Condominium Conditions and Restrictions (CCR's), and also known as Declarations and Indentures. A part of these documents are known as the bylaws and / or building rules. These documents are legal in nature and establish how the condominiums are run, who is responsible for what, and what is and is not allowed. Usually these documents are prepared by an attorney prior to the establishment of the association, as working democratically as an association to establish the declarations would be almost impossible. Often times these documents can be complex, and it may be helpful to have an attorney review them for total understanding and protection.
The most important thing, and the reason for this discussion, is that anyone buying a loft or condominum should pay close attention to what is said in these documents, because the use of the condominium is controlled by the collective documents and knowing the contents BEFORE closing is vital.
The process of buying a condominium, loft or villa, usually requires that an offer be made and accepted prior to the seller ordering the documents for the buyers information. In St. Louis, there is a condominium rider to the sale contact that mandates what the seller is to provide for the buyer. Once the process is in motion, the buyer receives the CCR's and has an opportunity to 'inspect' them at roughly the same time they have a building inspector take a look at the unit itself. It is vitally important that the buyer understands and reviews the declarations and bylaws within the contingency period. If the buyer does not find the Condtions and Restrictions, or any of the financial information provided acceptable, they can terminate the contact and get their earnest money back for a different property.
The Realtors at Premier Realty Exclusive are condominium specialists that know how to help buyers navigate the sometimes complex world of condominiums with regards to condominiums declarations, indentures, bylaws and rules. Contact us today to discuss your goals of condo living!
One owner Ranch villa is waiting for your style & finishing touches. Priced to sell: Endless possibilities to customize this open & spacious 2 bedrooms, 3 full bath end-u...
Life at The Ashford is carefee and convenient. This spacious, well-lit, corner condominium at Webster Groves' most desirable address features Triple crown molding, gas f...
Gorgeous 3 bed,3.5 bath GATED villa in convenient Manchester location! The space is incredible featuring over 3000sqft of finished living area. Upon entering into the foy...
Beautifully renovated, effectively new condo is ready to be shown starting today. Everything in this house is either new or has been rehabbed in late 2020 & 2021. Walk up...
Located near shopping & restaurants, this condo is in the perfect location with tons of amenities! Enjoy the clubhouse, swimming pool & tennis courts! As you enter this g...
First Show Fri 3/5. Enjoy easy living in this golf course community condo featuring in-ground pool, whirlpool, lobby, elevator, 2 underground secure parking spaces with a...
This condo has been updated for today's look and it is fabulous! All new light fixtures with Lutron dimmers, painted, most kitchen appliances replaced, and many more item...
Sophisticated, stylish, private, and beautifully maintained - this is the total package for Clayton living! Buyers will love the great walkability of this location, the p...
Rare chance to find a larg unit (2648 sq ft) on an upper flr with tremendous River views building that offers many amenities: Rooftop pool, Dog Park, indr Party rm on the...
The grandeur of simplicity in the heart of Clayton! This Maryland Walk condo has been transformed with clean lines & a simple palette resulting in an elegant, contemporar...
New and sought after luxury condo development is perfectly located in the CWE just steps from Cortex and the BJC Medical Campus. Designed by Trivers Architects, this is ...
Fabulous condo in popular Brentwood Forest! With one of the largest 2 bed, 1 bath floorplans offered, this condo boasts wood flooring, vaulted ceilings, a wood-burning f...
Updated first floor condo for sale in prime location of the DeMun Clayton area with great shops, bars, restaurants nearby. Conveniently located close to Hi-Pointe Theater...
Fabulous condo in popular Brentwood Forest Condominiums! MOVE IN READY! ***SHOWINGS BEGIN 2/26/21 @ 2:00PM*** ***ALL OFFERS TO BE SUBMITTED BY 5 PM 2/28/21 W/RESPONSE T...
Experience an easier lifestyle in this gated Chesterfield Condo Community. You will find comfort in main level living in a secured building that offers an attractive lob...
Stunning spacious loft in Downtown St. Louis! Unit located on the 11th floor of the 1920's Terra Cotta Lofts Building. This 2 Bedroom/2 Full Bath unit features 8 over-s...
Premier Realty Exclusive has provided the above Real Estate Encyclopedia for informational purposes only. Any legal matters discussed are provided with the understanding that any legal questions or problems experienced need to be brought to the attention of a real estate attorney. The best way to learn about real estate is the interaction a prospective real estate customer can have with expert Realtors. In addition to the experience and knowledge of the Realtor,plus the interaction and questions that come up, Realtors at Premier Realty Exclusive offer information on specialists in lending, appraisals, inspections, surveying and insurance agents. All professionals are provided as a service are screebed and have a proven record of experience throughout real estate transactions.