If you are thinking about selling your Boston high rise luxury condo, it’s a good time to do so. The local luxury condo market is warming up thanks to healthy demand from buyers interested in the downtown lifestyle. However, there is something important you should know about selling your condo: you will be required to make certain disclosures to prospective luxury condo buyers interested in your listing. Here are 5 disclosures you will likely see when you list your downtown high rise condo.
1. Homeowners Association
If you list your Boston luxury condos for sale, potential buyers of your condo are entitled to learn about the authority your Condo Association has over the dwellings and common areas. Your downtown luxury condo real estate broker will instruct buyers, particularly those who are new to Boston luxury condo market, about condo association details, but specific disclosures must be made in writing.
2. Environmental Hazards
As a seller, you must disclose any knowledge of hazardous substances such as contaminated water, radon concentration, asbestos, spills, or even the presence of old lead paint. Furthermore, the buyers also get a copy of a state pamphlet about environmental hazards.
3. New Construction Maintenance
If your condominium board approved the construction of a balcony divider that you and your neighbor agreed to maintain, you must disclose this arrangement to buyers.
4. Structural Modifications
If you changed the floor plan of your unit without permissions from the condominium association, you must disclose the modification. An example would be a room divider that is permanently attached to the floor, wall, or ceiling.
5. Common Interest Developments
In the case of future developments approved by the condominium board or the condo association, they must be disclosed, particularly if contributions are expected from unit owners. An example would be a downtown condominium tower that will be connected to a commercial building via an elevated footbridge.
When looking to buy a condo, make sure the seller offers these disclosures. The same goes for lofts and penthouses. Downtown Boston is a great place to live. Start searching for your new downtown home today by getting in touch with us at 617-720-5454.