Buying a condo without Condo Association?

Question

What are the rules? If I have enough cash to buy a condo in a building (3 family or more) that has no condo association, what happens when other people start moving in? I don't think the bank who owns my unit will do condo documents so maybe it will be up to all of the owners. So how does it go? How much does it cost? What happens in the the time that there is no association? Implecations? etc...

Thanks

Answer 1

You would be a complete fool to purchase a condo unit without a properly registered set of bylaws and agreements concerning rules and expenses.  If the bank won't cough out for this agreement, simply walk away.  You won't be sorry.

Answer 2

This must be  a newly constructed condo. They would not have a condo association. At this point the builder is the condo association.Once a certain amount of units are sold, a condo association will be established.

At that time you will have enough owners to construct a board and other people necessary to run the association.

This is not uncommon in building condos. How can you have an association if you do not have enough people to sit on the board.

The builder will eventually hire a professional company to maintain the association as well as the necessary individual owners of the condos.

There should not be any problems in purchasing a condo with out an association, because eventually one will be set up.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 3

Is this new construction or some condo-conversion and a condo association hasn't been established yet because a certain number of units haven't been sold yet?

I was in that situation.  There are still condo docs to be purchased (by the seller) and you would have the right to review them and get out of the contract if you don't like them.  In the time there's no association then the units are still managed by the property company.