Buying a Property in a Condominium: What You Need to Know Before Signing

When purchasing a property within a condominium — whether it’s an apartment, a townhouse, or a unit in a residential complex — it is essential to carry out some preliminary checks to avoid unpleasant surprises in the future.

Often, between deadlines, appointments, and countless concerns, navigating the purchase process can feel overwhelming. But don’t worry: in the following lines, we’ll clearly and simply explain which documents to request and what to pay attention to before making any decisions.

1. Condominium Financial Documentation

Each condominium manager prepares an annual budget forecast (at the beginning of the year) and a final report (at the end of the financial year). It’s advisable to request at least the last two years of financial reports, to get a clear picture of regular expenses and the overall financial health of the condominium.

2. Minutes of Condominium Meetings

The minutes include all resolutions made by the unit owners. Reading them will help you discover if any extraordinary expenses have been approved, whether there are ongoing legal disputes, or if there are any internal issues. Again, it’s wise to request the last two years of meeting minutes.

3. Condominium Rules and Regulations

This is the document that outlines the rules of shared living, including how common expenses are divided. It’s important to read it carefully and ensure there are no restrictions that conflict with your personal or family needs (such as rules about pets, renovations, or use of shared spaces).

A Practical Example

Imagine you’ve found a beautiful apartment in a residence with a pool. Everything seems perfect, but before moving forward, you request the condominium documents. From the meeting minutes, you find out that a €25,000 extraordinary expense has just been approved for repaving the external areas, and your share of the cost will be €4,000. Additionally, the condominium rules prohibit short-term rentals, which you had planned on using to help offset your investment.

This is exactly why it’s crucial to check everything before signing: this information helps you evaluate whether the purchase truly aligns with your goals.