Ignorance Is No excuse For Blocking Common Area Inspections
Last week, I was involved in three condominium inspections where the real estate sales agent for the seller claimed that there was “No access to the common areas”. I have begun to think that this is the name of one of the more popular continuing educational courses offered to real estate agents. Many of the faces of the real estate agents are new which is not unusual in an industry that looses 20% or more of their people yearly. These new faces are the ones saying that “I have never heard of an inspector who wants to see the electrical service room or the building boiler”. A similar and common refrain is “You have no business looking at the common areas. The building’s Reserve Account will handle all repairs”. A slightly different comment may be, “The attorneys deal with repairs and disclosures for the common areas.” In fact, none of these statements are true and all of them can lead to additional buyer expense.
In a market where the real estate agent typically tries to fit you into a mortgage that represents 40% or more of your income, any additional major expense could push you over the edge financially. Don’t play fast and loose money or the possibility of significant Capital Expenditures for your condominium or single family home. Obtain access to all common areas during your inspection and only hire inspectors that insist on common area access! The actual condominium unit may only have a stained carpet or a broken garbage disposal, but the million dollar special assessment is lurking, waiting to be discovered in the broiler room, at the rooftop, and along the building’s concrete or masonry façade.
Chicago has been called the “hog butcher to the world” by contemporary historians. If you can’t obtain three years worth of board meeting minutes before you purchase a condominium, or access to the common areas including the roof and boiler room during your pre purchase inspection, just think of all of those animals that lined up in the stock yards and received the knock-out punch. The next thing they knew, they were spinning around on some wheel with their front legs tied above their heads. Don’t let this happen to you during your next real estate purchase. Get the information you need!