Questions to ask before buying an apartment

Richards1983

Hi all, 

I'm currently sale agreed on an apartment in Dublin. It's my first purchase so want to ensure I'm covering all bases. I would be living there myself.

I've asked the auctioneer for the following:
1. The name of the management company.
2. The status of the sinking fund.

What other key questions should I ask in advance of moving on from sale agreed?

Any and all insight very much appreciated -- no matter how obscure they may sound!

Thanks,
Con

caviardreams

Your solicitor will know exactly what to ask and the management company will provide accounts, house rules etc.

Richards1983

Thanks caviardreams.

I'm concerned as the gutters are in poor condition, and the door handle on the front door is broken off etc., so the management company might be an issue.

caviardreams

Richards1983 wrote: »

Thanks caviardreams.

I'm concerned as the gutters are in poor condition, and the door handle on the front door is broken off etc., so the management company might be an issue.

Do you mean the managing agent? The managing agent is the company usually appointed by the management company (the owners) to manage the development for a fee. The problems could indeed be due to poor service/maintenance/sloppiness by the managing agent in not dealing with requests of owners, or it could be due to insufficient funds etc, from people not paying their management fees, or even from owners not informing them of the necessary issues/problems that need rectifying. It is hard to know without seeing the accounts etc. and the level of unpaid fees and the cost of day to day expenses e.g. do they represent value for money. There are some god previous threads on the topic if you search!

Richards1983

Yeah exactly -- you've hit the nail on the head.

Essentially, you think it's more for my solicitor to look into it than myself?

Thanks again! I'll look up former threads.

P. Breathnach

You should seek a copy of the latest accounts of the Owners' Management Company.

If you know how to read accounts, you should scrutinise them; if you don't, get help from somebody who does.

Richards1983

Well copied -- thanks P!

I've requested the name of the company from the auctioneer.

TooObvious

Your solicitor should be making the normal Pre Title Enquiries of the Management Agent. It's generally a stock form, but will give you all the info on the accounts/sinking fund etc.

the_syco

Richards1983 wrote: »

I'm concerned as the gutters are in poor condition, and the door handle on the front door is broken off etc., so the management company might be an issue.

I'd look into why the apartment was sold, if I was you. These issues may be the tip of the iceberg, and the current apartment owner may be selling up as they're not getting anywhere with the management company.

As well as getting the name of the management company, check if they're getting paid to look after the complex, and are they looking after the complex. Also check if they look after other complexes. If not, maybe check if the management company is just a group of owners that live in the complex, who are paying themselves to look after the place, but don't know how to handle the place?

Richards1983

Many, many thanks -- have noted all and will pass it along to my solicitor.

Con