Condominiums, consisting of buildings or complexes where the units are individually owned, are almost always governed by Covenants, Conditions, and Restrictions (CC&Rs) as well as Home Owners Associations (HOAs), and Bylaws. Because of this, the purchase and sale of condominium units is more complicated than standard residential purchase transactions, and thus requires the skills of an escrow company that is experienced in handling condominium escrows.
Condominiums - Complex Transactions
At New Era Escrow, we have a great team of trained and licensed escrow officers that are experienced in the processing of your condominium escrow transaction. We ensure your transaction closes smoothly and accurately by making sure that all the necessary requirements are met.
We contact all third parties necessary in the escrow transaction such as management companies, HOAs, financial institutions, buyer and sellers, to ensure legal requirements and escrow instructions are successfully met. We make sure everyone is informed and up-to-date with their respective requirements. Whether it be that the HOA needs to provide the new owners with a copy of the CC&Rs or whether the new owners need to be made aware of extra common area expenses. Whatever details are required to complete the transaction, our escrow agents will provide you with the experience, accountability, reliability, and backing you need to successfully complete the sale or purchase of your condominium.
One of the main differences between condominium and single family home purchases is the fact that in a condominium purchase, you are in essence buying the space inside the walls, rather than the whole structure in its entirety. This creates the existence of common walls or shared walls (and roofs, garages, basement, etc.), as well as common outdoor areas. All these shared spaces have rules and regulations that govern them in order to maintain peace and tranquility between the parties involved.
During the sale or purchase of a condominium, the details involved in sharing all these common spaces must be explained to ensure there are no preventable disputes that may arise during or after the transaction. All the rules and regulations outlined in the site’s CC&Rs as well as in the HOA’s Bylaws, must be followed by both buyer and seller, before, during, and after the transaction. At New Era Escrow, our escrow agents are experienced in the intricacies involved in closing such condo transactions, and we have the experience and training required to know what details need to be addressed.
Another complication that can make condominium purchases more complex transactions than standard residential purchases is the possibility that certain property taxes and utility expenses are included as common area responsibilities. We make sure that these issues are clearly delineated and handled and we work hard on making sure your condominium transaction closes smoothly. You can rely on New Era Escrow to handle your condominium escrow transaction accurately and efficiently, to help you close on time.
Our decades of experience closing condominium escrows is what has earned us our top ratings in the escrow industry. Call New Era Escrow today so we can provide you more information on how we can help your condominium escrow transaction close smoothly. Or take advantage of our advanced, on-line escrow service to begin your escrow online from the comfort of your home or office.