First make inquiries, then buy...
When buying and financing a condominium, you have to note some particulars. The moment you sign the purchase agreement of the condominium, you have to know what you have to pay in respect of service charges (per month, three months, or year). In case of new construction, this may cause a problem, as in those cases one has to proceed on an estimate of these charges. In that case it is wise to state a maximum amount for these charges in the purchase agreement.
Overdue payments of the seller?
You also have to know whether the previous owner still has to pay amounts to the Board. If this is the case - for instance overdue service charges or payment for damage caused - you are liable for it in accordance with the law. If your seller does a moonlight flit without paying his overdue debts to the owners' association, you are left to pay these costs. It is also possible that there is still a balance in the books of the association in the name of the seller, for instance on account of variable costs turning out to be lower than expected. In practice, this often leads to the question who is entitled to this balance. Sometimes this balance constitutes part of the owners' association's capital in accordance with the applicable rules and regulations, and as such it passes to the new owner. Sometimes it is paid to the former owner. But a combination of both is also possible, depending on the origin of the balance. It is important that the purchase agreement clearly shows who is entitled to the balance, if any, and whether this amount has been set off against the purchase price or in another way.
Are there any important resolutions that were passed recently in an owners' meeting?
It is of importance to know whether an owners' association has perhaps resolved to incur considerable expenses, for instance for replacement of an elevator or roof, just before you bought the condominium. This can really add up and if you were not aware hereof in advance, you can have an unpleasant financial surprise because you suddenly have to pay a considerable additional amount.