Just like when you buy a house you need to get
title insurance on a condo. This is the only way that you care
really protect yourself from any claims that may arise. You will
also need to get a title search done in order to see if there are
any defects in the title
or any liens on the condo. And
when you purchase your condo unit you will not only get the deed to
it you will also get partial interest in all of the shared areas
like the pool and the common room.
There is one thing that you need to read
carefully before you sign anything and that is
the
title report. You need to see if you can be help responsible for any
liens that may be against the condo association. You do not want to
have to pay any money for debts that they racked up previously. If
you do find something that you object to paying then you will want
to talk to your escrow agent. He or she will be able to help you
out. Title insurance is necessary and on top of this insurance you
may also need to get what is known as a condo endorsement. This
endorsement will be attached to the title insurance policy for extra
protection.
You will need to read all of
the rest of your condo docs carefully as well. They will be attached
to your deed. It is by reading all of these documents that you will
find out all of your rights and your restrictions and your duties.
You will get the info concerning the place where all of this is
recorded but you will also want to get your own copy from your
escrow agent. While it may be hard to understand some of these docs
it is imperative that you do. If you have any questions ask your
escrow agent for help.