I have a client who recently put an offer on a condo. Fortunately, he had me review the status certificate and related documents before his offer became firm, because in with all of the rules and regulations was a ban on dogs – cats were permitted, but no dogs. He has a dog, so this was a major problem. Because we found it early, he was able to make a decision about whether to go ahead with the purchase without losing any money if he decided to back out.
Condos have some very particular rules. If you’re okay with them, they can be a great option, but it’s critical to be sure that you can live within the rules before you go ahead and buy.