How Can You Verify Common Charges in Miami?

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In this tutorial video we'll talk about how to verify common charges in Miami when buying a condo apartment.

This is super important because common charges are a significant part of your monthly running costs of condo ownership, and it's a huge factor when determining your debt-to-income ratios when you're trying to close with a mortgage.

It's absolutely critical that you verify what the common charges are as early as possibly, ideally prior to the expiration of the inspection period. As we'll discuss in this video, it's often the case that you won't get the HoA estoppel letters in time before the 10 or 15 day inspection period elapses; however, you can mitigate your risk by asking to be put in touch with the management company directly, and asking the managing agent's office to verify the common charges for the unit you are buying.

You can often also ask the managing agent whether common charges are expected to increase in the coming year, etc. It never hurts to ask and to try to get as much information out of the building management as possible during the inspection period.

For example, if you are able to find out that the building has pending litigation, or a pending HoA common charge increase, then that may affect your decision and your offer price, and may allow you time to renegotiate if found out prior to the expiration of the inspection period.

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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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