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.
