In condo resales, lenders probing building behind the units

Miami-Dade’s condo resale market is showing signs of improvement, but buyers and lenders are looking beyond individual units and more closely examining the financial and structural condition of condominium buildings.
 
In Miami Today, Day Pitney Miami Real Estate Partner Sandra Ferrera discusses how association budgets, reserves, insurance coverage, assessments, inspection reports, deferred maintenance, and litigation can affect financing and closings. She also explains how Florida’s reserve and inspection requirements factor into condo resales, why financially and structurally sound buildings may attract buyers more easily, and how sellers can reduce transaction risk by having association records readily available.
 
Read the full article here.