Longboat Key Condos

By Author: Mohan Chen
Total Articles: 431
Comment this article

You have found your dream condo on Longboat Key Condos and have entered into a purchase and sale agreement with the owner of the condo. Now what?

Hopefully, you had a good Realtor or attorney write the real estate contract. If so, then you have the ability to do any and all inspections to the subject property. It should allow you to test for anything like radon, flood risk, termites and mold. What inspections should you perform?

You definitely should perform a general home inspection. It is better to know what is wrong with the property prior to purchasing it. Once the seller has your money you lose most of your leverage. The chances of the seller fixing something after you own the condo and moved into it are slim to none. The cost of a general home inspection is certainly worth it.

You should also consider doing a mold inspection. They generally run about $250 however that is a small price to pay if there is a mold problem. I recently sold a condo in the Aquarius community on Longboat Key Fl Condos ...
... The entire unit was full of mold. However, you could not see it with the naked eye unless you walked around with a flash light. There was also no noticeable smell. '

Remember, that these condos are often left unattended for months at a time. Florida has its humidity in the summer time. Mold loves moisture and darkness. If those conditions exist then there is a strong chance of mold.

The condo I sold had mold because the owner left the hurricane shutters down for 18 months straight and did not run the air conditioner as much as needed. They were trying to save a few bucks and run the air conditioner sparingly. As a result mold grew over everything. The cost of clean was roughly $7,000 to the seller. Had the buyer not done a mold inspection they would have eventually had to absorb that cost. Do a mold inspection.

I have had people test for Radon. It is not a common occurrence in Florida. However, I have heard stories of Radon. Again, it might be worth the investment.

After you enter into the contract you get 3 days to check the financial information, rules and regulations of the condo association. Carefully examine the budgets. Perhaps the roof is in need of replacement and there is not enough money in reserve. When you buy the condo you might be immediately hit with an assessment. Whenever you buy a Longboat Key condo ask the association about any pending assessments. The seller should disclose that information if they have heard of anything. If they have not then they are not required to disclose it. Be proactive, call the association manager or President and ask if there are any up coming assessments.

Finally, if you are under contract you will need a title company or Lawyer to close the transaction for you. If you agreed to buy the title insurance then hire yourself a good Lawyer to represent you. They will be compensated by selling you title insurance so it will not cost you any extra money. This will probably be one your largest transactions. Surround yourself with experts.