Purchasing a Condominium

Have you received a copy of the master deed?

Yes No

Do you know what areas are for your exclusive use?

Yes No

Do you know what the common areas consist of?

Yes No

Do you have a smoke detector certificate?

Yes No

Have you checked for lead paint?

Yes No

Have you received the declaration of trust and bylaws?

Yes No

Do you know what restrictions the bylaws place on your use of the unit,

or whether they contain restrictions on pets, renting, or running a business

from your unit?

Yes No

Have you checked the budget of your condo?

Yes No

Do you know if your building has a capital reserve fund?

Yes No

Do you know if any unit owners are delinquent in the payment of

monthly common charges?

Yes No

Do you know how many units are owner occupied?

Yes No

Do you know the difference between a condominium and a cooperative?

Yes No

Do you understand the difference between master insurance and a home owners policy?

Yes No

New or Renovated Homes

Have you read the developer's warranty carefully?

Yes No

Do you know the reputation of the builder in your community?

Yes No

Are all mechanical and structural systems new?

Yes No

Income Producing Property

Do you know the existing tenants?

Yes No

Do you know how much rent tenants currently pay?

Yes No

Are tenants' rent payments current?

Yes No

Do you know what an "estoppel certificate" is?

Yes No

As a landlord, do you understand your obligations relative to security deposits last month's rent, key deposits, discrimination, lead paint, and routine maintenance?

Yes No

Do you know if any tenant has a pending claim or lawsuit against the seller?

Yes No

Do you know what's involved in evicting a tenant?

Yes No

Do you know if the building is subject to any special regulations?

Yes No

Do you understand your obligations with respect to a tenant's guests in common areas?

Yes No

Are you familiar with Section 8 and other federal housing programs?

Yes No

Your Attorney

Do you understand why you need an attorney in a real estate transaction?

Yes No

Do you know what your attorney will do for you?

Yes No

Do you know how much you should expect to pay for your attorney's

services?

Yes No

The Transaction

Do you understand that an Offer is a contract?

Yes No

Do you know what a P&S is?

Yes No

Have you heard of private mortgage insurance?

Yes No

Do you know how settlement charges and closing costs are calculated?

Yes No

Are closing costs negotiable?

Yes No

The Mortgage

Do you know what promises you are making to your lender when you

sign a mortgage?

Yes No

Do you know what can happen if you don't keep those promises?

Yes No

Do you know the difference between a mortgage and apromissory note?

Yes No

Do you know when a payment is considered late?

Yes No

Do you know the difference between tenants in commonjoint tenants?

Yes No

Do you understand the term"tenants by the entirety"?

Yes No

If you are married, must your spouse also be on the title?

Yes No

Do you know how a declaration of homestead can help protect your

home from creditors?

Yes No