Manhattan New Condos

If you are in the market to buy a condo there are some things you need to do to protect yourself. Here's a tip to help you avoid a difficult situation down the road.

Once you've found a condo you like its time to do some research on the company that owns the condo association. It is especially important to find out whether there are any lawsuits pending against the association or the co-op corporation that owns the complex. If there are these suits could result in damage claims holding the association or the co-op liable for payment. That means you as an owner will receive a 'special assessment' and you will have to pay your share even though you had nothing to do with the original problem.

Check it out before you buy. It can save you a lot of grief later on.