Austin Office Condo
Purchasing an office condo for sale in the Austin area requires several steps and as an informed and prudent buyer there are several fundamental things that you should be aware of. When you choose an office condo that has multiple condo owners in the complex you will be working with and thru an Austin office condo association.
Mutli tenant office condos should not need a survey completed, when you seek a stand alone Austin office condo then you may need to have a survey done if it is not up to date. Austin Office condos come in may different styles, as a Buyer you need to identify what type of property best suits your needs.
Shared interests in a multiple owner project will have an office condo association dues that are recurring expenses that happen monthly which will be paid in addition to your mortgage payment, commonly called COA dues. The office condos monthly expenses will cover the common areas , landscaping, janitorial costs , maintenance, water and sewage costs as well as trash removal.
A purchase contract should include the following elements:
- Purchase contracts
- Property condition statements from the seller
- Austin Office Condos addendum to a commercial contract
An office condo addendum will have information in it regarding the present expenses for the office condo as well as the conditions for getting a resale certificate prepared by the declarant or the owner’s association.
An Austin office condo Resale Certificate
An office condo resale certificate is required for the sale of your office condo to you as the new owner, it specifies disclosures to the new owner of the office condo. The information included in the office condo resale certificate include the following (within Texas).
- Rights or restriction to transfer a “unit” (the condo)
- Whether the seller has any unpaid dues to the condo owner’s association
- Operating Budgets in place
- Any known alterations to the office condo
- Reserves in place for the condo project
- Insurance coverage for the benefit of you as the owner
- Health and building code violations , if there are any in place
- Address of the managing agent for the association
- Any leaseholds that affect the office condo unit
Along with the condo information above, a good broker will be able to identify comps and negotiation strategies to make sure you as the Buyer are having your interests protected. To help you find the best deal on an office condo in Austin, contact Shire Commercial today! “The best follow up in Austin”