The agent who wrote up an offer on a listing of mine contacted me because his client had gone to the tax records and now thought the property was a condo. There was some confusion on his end and he wanted me to clear it up.
This raised a flag since the buyer’s agent must not have gone through this fact with him, but also raised another flag because I never overlook something as critical as the proper type of ownership.
For example, imagine if you made all the payments on your car, only to find out it was a leased vehicle at the end of 60 months? Heck, I bet you would be double mad as heck!
Knowing the type of ownership is essential in real estate
Before you make any offer, your real estate agent should look through the tax database to see if the home is condo ownership, fee simple ownership, or a co-op. This point is huge because it could impact your monthly budget significantly since condo fees are typically high. This is a legal definition folks… and not just jargon.
I have done this business for a long time and always double check this information. In my ABR, and Continuing Education training we are always told to understand the available facts about a home when discussing any home with real estate clients who may be considering buying a home. More about me at About Me.
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