Your guide to understanding what’s hiding in condo documents—so you know exactly what you’re buying into.

Buying a condo can open the door to a lifestyle that’s convenient, community-focused, and low-maintenance. And with condo inventory currently higher than it has been in years across the DMV, buyers today have an unusual amount of leverage—more choices, more room to negotiate, and more ability to secure credits or favorable terms.

But that opportunity only works if you understand the building you’re buying into.

Condo documents reveal the story behind the walls: how well the building is managed, what’s planned for the future, and whether the community is financially stable. They empower you to make a confident, informed decision long before closing day.

Here’s what matters most.

1. The Budget & Reserve Fund

A strong reserve fund signals a well-managed, financially secure building. Look for:

• Regular contributions to reserves

• A balanced, detailed operating budget

• No recurring deficits

• Clear planning for future capital projects

Low reserves often mean rising fees or special assessments.

2. Recent Meeting Minutes

Meeting minutes from the last 6–12 months reveal the building's real-time heartbeat:

• Consistent maintenance issues

• Noise or owner disputes

• Upcoming assessments or repairs

• Conversations about fee increases

• Concerns about aging systems (elevators, roofs, boilers)

Patterns are more important than any one entry.

3. Rules, Regulations & Restrictions

Every community has its own rhythm. Make sure the rules align with your lifestyle:

• Pets: Size, breed, number limits

• Rentals: Minimum leases, waitlists, investor ratios

• Renovations: Approval process, contractor rules

• Parking: Deeded vs. assigned, guest policies

• Amenities: Hours, usage restrictions

Clarity here helps you avoid frustration later.

4. Master Insurance Policy

Understand what’s covered:

• The building’s master policy typically covers the structure and common areas.

• Buyers generally need an HO-6 walls-in policy to insure interior upgrades and personal property.

This affects both your protection and your lender’s requirements.

5. Special Assessments

Ask whether assessments are:

• Recently issued

• Currently in progress

• Anticipated for future capital projects

This impacts your true monthly cost and long-term value.

6. Legal or Compliance Issues

Proceed carefully if there are:

• Pending lawsuits

• Building or fire code violations

• Active insurance claims

• Developer disputes

These can affect financing approvals and marketability.

🔎 Understanding Your Review Period (DC, Maryland, Virginia)

Every jurisdiction gives buyers a specific amount of time to review condo documents and cancel the contract without penalty.

Here’s the breakdown:

District of Columbia

• 3 business days after the buyer receives the condo resale package.

• Buyer may cancel for any reason within this window.

Maryland

• 7 calendar days to review and rescind after receiving the resale disclosure package.

• This applies broadly to both condo and HOA communities.

Virginia

• 3 calendar days to review and cancel after receiving the resale certificate (condos and HOAs).

• If delivered electronically, the clock still starts once it’s sent to the buyer.

These timelines are non-negotiable rights for buyers—and your most important protection during the contract phase.

⚖️ Attorney Review Is an Option (And Sometimes Wise)

While most buyers review the condo docs with their agent, it’s completely acceptable—and often helpful—to have an attorney provide a deeper legal read, especially if:

• The budget feels unclear

• Meeting minutes show repeated issues

• Major projects are planned

• You’re buying into a large or older building

• You want extra peace of mind

Many of my clients have enlisted the services of Pavan Law to make sense of the condo resale package. They can provide a written summary of risks, financial stability insights, or any red flags.

🌆 Why This Matters Even More Right Now

With condo inventory rising across DC, Northern Virginia, and both Montgomery and Prince George’s Counties:

• Buyers have more choices

• Sellers are offering more credits

• Negotiation power is firmly in your hands

• You can secure strong long-term value

A smart review of the condo documents helps you capitalize on the current market shift.

Final Thought

Condo documents aren’t glamorous—but they are powerful. They tell you how the community is run, how money is handled, and what kind of future you’re buying into. And in a market full of opportunity, understanding this story helps you step confidently into the next chapter.

If you’re thinking about buying a condo, don’t navigate this alone. Work with an agent who is experienced in helping buyers purchase condos.

When you're ready, reach out. 
Let’s embark on your the condo purchase journey together and secure a home that truly supports your future.