Know your rights ·

I am buying a condo or co-op, or disputing association rules

General information for New Jersey, New York and Washington, DC · Last updated

Quick answer

Review governing documents and financial obligations, not only the unit itself.

Do now

Obtain declarations, bylaws, rules, budget, assessments, insurance information, approvals, and relevant notices. Ask about pending litigation, repairs, reserves, rental restrictions, and the contractual review period. For an existing dispute, identify the rule and review process.

Watch for

Co-op ownership and financing differ from ordinary deed ownership. Do not assume all associations share the same powers or that advertised monthly charges include every possible assessment.

Official sources

CFPB — What Is a Closing Disclosure?, CFPB — Owner’s Title Insurance, NJDOBI — Real Estate Consumer Information.

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