Are you buying a condominium in Danbury or one of the surrounding towns such as Brookfield, Bethel, New Milford or New Fairfield?
I would like to point out two difference between buying a house and buying a condominium that some people do not consider.
The first difference is that condominiums have by laws. As opposed to a house, where you can pretty much do whatever you want (within reason), a condominium complex will have by laws, or rules, that every owner or tenant must follow. They can contain guidelines as to parking, noise, pets, and even where you can place a grill. Every condominium complex has it’s own by laws. Breaking by laws can result in fines. When you are buying your condominium, your real estate attorney will request these by laws and provide you with a copy.
The condominium complex will also have a master policy for hazard insurance and liability insurance on the property. This means that when you are buying your condominium, you will not need to buy additional insurance to satisfy your lender, as you would have to buy with a stand alone house. Also, you will be covered for any injuries suffered by guests that are visiting and hurt by defects in the property. When you are buying your condominium, your real estate attorney can request a declarations page and certificate of insurance contain the coverages of the master policy.