Does the purchase of a condominium present any additional concerns?

A condominium is a form of property ownership which each owner holds title to his or her individual unit, plus a fractional interest in the common areas of the multi-unit project. You may share the common areas with as few as one or two other owners, or as many as a hundred or more. When buying a condominium, it is important not only to understand what you are buying, but what you are buying into. As a potential buyer of a condominium it's important for you to obtain rules and regulations of the association, insurance information, how many are owner occupied, are any assessments due? However, this information must be specifically asked for. So make sure your contract is contingent upon satisfactory review of the documents you will be provided.