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Subject:  Re: OT: Homeowner Debt 101? Date:  11/16/2014  4:44 PM
Author:  SeattlePioneer Number:  308808 of 313061

<<For those of you who own homes, what has been the unexpected expenses for you? What do you wish someone had told you before you put the key
in the front door of your new home for the first time? (I am getting a pest inspection done before I sign the final papers). >>

Those are VERY good questions.

I'd attend whatever HOA board meetings might be held before and after you close --- and read the minutes of Board meetings going back at least six months.

Check with the HOA to see if the dues have been paid, and whether any assessments are dues or are scheduled to be collected.

In a 50 year old condo, the Condo Association ought to have substantial reserves on deposit to replace plumbing, wiring roofs, windows and such. There should be a report by an engineering company which details the useful life of such parts of the complex, their remaining useful life, the cost of replacement and how much should be charged in reserves so that these upcoming expenses can be met without charging current owners for services previous owners received for decades but didn't pay for.

RESERVES! MINUTES! CONDO ASSOCIATION! These are vital things to check.

Seattle Pioneer
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