Property Management (alternative)
A Maryland condo buyer should review which documents before purchasing?
AOnly the HOA budget
BDeclaration of condominium, bylaws, rules and regulations, current budget, reserve study, and meeting minutes✓ Correct
COnly the most recent financial statements
DThe Maryland Condominium Act only
Explanation
Maryland condo buyers should carefully review all governing documents (declaration, bylaws, rules), financial documents (budget, reserves), and meeting minutes to understand the community's health and obligations.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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