Property Ownership
In South Carolina, a condominium buyer should review which documents before purchase?
AThe city's zoning map only
BThe master deed, bylaws, budget, meeting minutes, and financial statements✓ Correct
COnly the purchase contract
DThe previous owner's mortgage statements
Explanation
Condo buyers should review the master deed (establishing the project), bylaws, current budget and reserves, recent meeting minutes, and financial statements to understand obligations, restrictions, and the association's financial health.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ZoningLocal government regulations that control land use by dividing areas into zones specifying permitted uses, building sizes, and densities.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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