Guide
Condo Buying Checklist
Buying a condo is not like buying a single-family home. You are not just buying a unit — you are buying a share of an association, a stake in a shared reserve fund, and exposure to a set of financial decisions the board has already made.
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This checklist walks you through every category of documents to request, every financial signal to read, and every question to ask before you commit. The goal is a purchase decision grounded in the full picture, not just the listing sheet.
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Understand what type of association you are buying into
Not all associations are alike. A traditional condominium association — governed in most states by a condominium act statute — owns the building structure and carries the master insurance policy on it. A planned community HOA governs the common areas but typically leaves each owner responsible for their own structure. A townhome or stacked flat community may sit somewhere between the two, depending on how the declaration describes ownership boundaries. Before you read anything else, confirm what your state's governing statute calls this type of association, what the declaration says the association maintains versus what you maintain, and whether the association is part of a multi-tier structure (a sub-association within a master HOA is common in larger developments). Each structure carries different financial exposure, different insurance logic, and different governance rules.
The document package every buyer should request
Start with the governing documents: the declaration (or CC&Rs), bylaws, and rules and regulations. These establish your rights, obligations, and what the board can require of you. Add to that the current annual budget, the most recent year-end financial statements or audit, the reserve study (if one exists), the past two to three years of board and membership meeting minutes, the current insurance summary or declarations page, and any resale certificate or disclosure statement required by your state. In Florida, Chapter 718 requires the seller to provide this package and gives buyers a review period. Texas's Chapter 82 specifies a similar package but with a shorter review window. Whatever your state's statutory baseline, treat it as a floor — request everything on this list even if the statute only requires a subset of it.
Reading the financials: what to look for
The budget and reserve study tell you whether the association is living within its means or deferring costs to future owners. First, compare the reserve study's funded obligation to the current reserve account balance. The ratio — often called the funded percentage — tells you whether the association has set aside what it estimates it will need. Below 30 percent funded is generally considered a warning sign; below 10 percent is severe. Second, look at the operating budget's reserve contribution line and compare it to the reserve study's recommended annual contribution. If the association is collecting less than the study recommends, the gap is widening. Third, look at the insurance line item trend across three to five years of budgets. Rising insurance premiums flow directly into monthly dues and can precipitate special assessments. None of these numbers exists in isolation — read them as a system.
Meeting minutes: what the board knows
Board meeting minutes are the most underread document in a condo purchase, and often the most revealing. They record what the board has been told, what it has decided, and what it has deferred. Request at least two years of minutes — more if a major repair project or special assessment appears to be in progress. Read for recurring agenda items that never get resolved, contractor bids or engineering reports that were received but not acted on, discussion of reserve shortfalls, insurance premium increases, and any legal disputes involving the association. A board that has been informed of a structural issue, a deferred repair, or a reserve gap — and has not acted — has created the paper trail for a probable special assessment. That trail is in the minutes.
Timing, lenders, and your review window
Your contract's review period is the window in which you can walk away based on the documents. Many states give buyers three to fifteen business days after receiving the association's disclosure package to cancel without penalty. Do not let that window close before you have read the documents. Also note that lenders — particularly those originating conventional loans sold to Fannie Mae or Freddie Mac — have their own condo approval criteria that run parallel to your due diligence. A building with a very low reserve funded percentage, a recent problematic structural inspection, or significant deferred litigation may not meet lender guidelines, limiting your financing options and your future buyer pool. Confirm your lender's project approval process early and factor it into your timeline alongside your own document review.
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Reviewer's checklist
- Confirm the association type (condo, HOA, planned community) and which governing statute applies in your state
- Request the declaration, bylaws, and rules and regulations
- Obtain the current annual budget and most recent year-end financial statements or audit
- Request the most recent reserve study and the current reserve account balance
- Calculate or ask about the reserve funded percentage (reserve balance divided by total reserve obligation)
- Request at least two years of board and membership meeting minutes
- Obtain the current master insurance declarations page and note the policy form and major deductibles
- Request any resale certificate, estoppel, or statutory disclosure required by your state
- Identify all pending and recently levied special assessments
- Review the insurance cost trend across the past three to five years of budgets
- Confirm your lender's condo project approval requirements before your review window closes
- Verify rental restrictions, pet policies, and parking allocations match your intended use
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Get my free risk report →Want a checklist tuned to your state? Browse condo due-diligence checklists by state →
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Related reading
Buyer and owner guides on condo buying checklist
Florida SIRS Explained: What Boards Must Fund and Disclose
The Structural Integrity Reserve Study is now mandatory for most Florida condo buildings. Understand what a SIRS must include, how it affects reserve funding requirements, and what boards must disclose to owners.
Texas HOA Resale Certificate: What to Verify Before Closing
Section 207.003 of the Texas Property Code defines what a resale certificate must contain. Review this checklist of what to verify — and what the certificate legally omits — before you close.
Master-Planned Community Due Diligence: Mapping Every Layer
Multi-layered master and sub-associations are common in Texas and Arizona. Learn how to map who governs what, which fees apply to your unit, and which restrictions run with the land.
Milestone Inspection Buyer Guide: Reading the Report Before You Close
Understand what a Florida Milestone Inspection report discloses, what follow-up questions to ask the engineer, and how to evaluate the special assessment risk the findings imply.
Related risk areas
Read these next to round out your due diligence
Condo document review
A condo document review is the structured analysis of every disclosure document your seller or association has provided — declaration, bylaws, rules, reserve study, budgets, financials, meeting minutes, insurance summary, estoppel or resale certificate, and any pending special assessment notices.
Reserve studies
A reserve study tells you what the association expects to spend on long-term capital repairs and replacements, and whether it is funding those obligations adequately.
Condo Financing Requirements
Getting a mortgage on a condominium is not the same as financing a single-family home.
By state
Condo Buying Checklist — state-specific guidance
The general framework on this page applies nationally. State law adds specific requirements buyers and owners should verify.
Florida
Florida condo buying checklist
Texas
Texas condo buying checklist
Arizona
Arizona condo buying checklist
California
California condo buying checklist
New York
New York condo and co-op buying checklist
New Jersey
New Jersey condo buying checklist
Maryland
Maryland condo buying checklist
Virginia
Virginia condo buying checklist
Michigan
Michigan condo buying checklist
Tennessee
Tennessee condo buying checklist
Minnesota
Minnesota condo buying checklist
Connecticut
Connecticut condo buying checklist
Delaware
Delaware condo buying checklist
District of Columbia
District of Columbia condo buying checklist
Utah
Utah condo buying checklist
Alaska
Alaska condo buying checklist
Vermont
Vermont condo buying checklist
West Virginia
West Virginia condo buying checklist
Nebraska
Nebraska condo buying checklist
Rhode Island
Rhode Island condo buying checklist
Colorado
Colorado condo buying checklist
Nevada
Nevada condo buying checklist
Georgia
Georgia condo buying checklist
North Carolina
North Carolina condo buying checklist
South Carolina
South Carolina condo buying checklist
Oregon
Oregon condo buying checklist
Washington
Washington condo buying checklist
Massachusetts
Massachusetts condo buying checklist
Illinois
Illinois condo buying checklist
Pennsylvania
Pennsylvania condo buying checklist
Hawaii
Hawaii condo buying checklist
Alabama
Alabama condo buying checklist
Maine
Maine Condo Buying Checklist
Missouri
Missouri condo buying checklist
New Mexico
New Mexico condo buying checklist
Ohio
Ohio condo buying checklist
Kansas
Kansas condo buying checklist
New Hampshire
New Hampshire condo buying checklist
Indiana
Indiana condo buying checklist
Wisconsin
Wisconsin condo buying checklist
Louisiana
Louisiana condo buying checklist
Arkansas
Arkansas condo buying checklist
Iowa
Iowa condo buying checklist
Kentucky
Kentucky condo buying checklist
Mississippi
Mississippi condo buying checklist
Oklahoma
Oklahoma condo buying checklist
Idaho
Idaho condo buying checklist
Montana
Montana condo buying checklist
North Dakota
North Dakota condo buying checklist
South Dakota
South Dakota condo buying checklist
Wyoming
Wyoming condo buying checklist
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Risk Intelligence
Review the documents before your contingency ends
Most buyers get 7–14 days to review condo documents. Upload the packet — we read the reserve study, budget, minutes, and insurance summary and flag the risks, every finding linked to the exact page. Free.
Expert Matching
Need a real estate lawyer or mortgage specialist?
We can connect you with vetted real estate lawyers, mortgage brokers, and insurance brokers familiar with the specifics of condo and HOA transactions.
- HOA lawyer
- Mortgage broker
- Insurance broker