What You Need to Know About Buying a Condo

Interior of Riverbend Condo

Have you been considering buying a condo but weren’t sure about the details specific to purchasing in Maine? Condominiums associations have varying rules, regulations, and fee structures that differ from buying a single-family home, but your broker can help you navigate the buying process with ease.

The Maine Condominium Act does a great job protecting buyers of condominiums in Maine. It requires the seller of a condo to provide a copy of the current Condominium Declaration, Bylaws, Rules/Regulations, and an original resale certificate. The condominium association is responsible for providing it: it includes the amount of current condo fees and when they are due, anticipated expenses, the capital reserves, and copies of the most recent balance sheet and operating budget.

Additionally, the association will need to sign off on a pending sale on all area condominiums. By Maine law, the buyer has five days from receipt to review this information. If the buyer finds any of this information unacceptable, he/she may cancel the contract. Any fees charged by the association for this are to be paid by the seller.

Buyers should also be provided with what is included with condo fees such as water, sewer, heat, electricity, exterior maintenance, and trash removal to name a few. The interior of the condo from the sheetrock in is the owner’s responsibility, including windows.

Sunday River Real Estate will provide you with all this information, as well as association minutes, so you have the inside scoop before you buy. Schedule an appointment with us today to view available condo listings in the area.

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About the Author

As a licensed broker for 35 years with a lifetime of memories carved into the foothills of western Maine, I know what it means to call this area home. Originally from Lewiston, Maine, I have visited Sunday River since I was a child. Finally settling here in 1982 to raise my family, I have remained very active in this wonderful community. From owning and renovating the Sudbury Inn, to my chair position on the Bethel Planning Board, I understand that getting the best results means going the extra mile. The ski industry and Sunday River Ski Resort move at a fast pace. Working with Sunday River Real Estate affords our clients the most up to date information about the resort. For expert knowledge of resort changes and real estate developments, please join our newsletter. I look forward to working with you.

Sunday River Real Estate 15 South Ridge Road, PO Box 4500 Newry, ME, 04261 P: 207-824-5051 F: 207-824-5053 [email protected]