So you want to buy a beach condominium. It’s the perfect opportunity—you’ve been looking for years, you finally see the one that works best for you, and it’s a beautiful condominium overlooking the ocean… but now what?
How do you know what the condo fee covers? How do you know if there’s insurance included? How do you know who’s going to take care of the outside? Is it your responsibility to change out the windows indoors, or is that covered by the condo association?
These are all great questions, and one question that gets asked often is about the Maryland Condominium Resale Law.
The Resale Law requires the seller to provide to the new buyer all of the rules, the restrictions, the budget, the balance sheet, essentially the meat and potatoes of everything that’s going on with that condo association.
As a buyer, you get the protection to be able to review all of those documents for a period of seven days once you receive them.
If you don’t like what you see, you can still cancel the contract and get a full return of your deposit and you don’t have to state a reason why. Thus, it’s truly a protection, right of rescission in the State of Maryland.
That’s also your opportunity to maybe just find out the answers to some of your questions to make you feel more comfortable with the property you’re purchasing.
If you still have questions about this topic or anything related to buying or selling in Maryland or Delaware, give us a call and we’ll be happy to talk with you.