Condominiums, consisting of buildings or complexes where the units are individually owned, are almost always governed by Covenants, Conditions, and Restrictions (CC&Rs) as well as Home Owners Associations (HOAs), and Bylaws. Because of this, the purchase and sale of condominium units is more complicated than standard residential purchase transactions, and thus requires the skills of an escrow company that is experienced in handling condominium escrows.
At New Era Escrow, we have a great team of trained and licensed escrow officers that are experienced in the processing of your condominium escrow transaction. We ensure your transaction closes smoothly and accurately by making sure that all the necessary requirements are met.
Condominiums are often governed by Covenants, Conditions, and Restrictions (CC&Rs), Home Owners Associations (HOAs), and Bylaws. Because of these details, buying or selling a condo requires specialized knowledge that goes beyond standard residential transactions. That’s why you need an escrow company with a proven track record in condominium escrows.
To make this happen, we coordinate with all involved third parties—like management companies, HOAs, financial institutions, and both buyers and sellers. Our goal is to meet legal standards and follow escrow instructions carefully. Whether it’s distributing the HOA’s CC&Rs to new owners or informing them about additional communal expenses, we’ve got you covered. Count on New Era Escrow for the experience, accountability, and reliability you need to complete your condominium transaction successfully.
One of the main differences between condominium and single family home purchases is the fact that in a condominium purchase, you are in essence buying the space inside the walls, rather than the whole structure in its entirety. This creates the existence of common walls or shared walls (and roofs, garages, basement, etc.), as well as common outdoor areas. All these shared spaces have rules and regulations that govern them in order to maintain peace and tranquility between the parties involved.
One of the key differences between buying a condominium and a single-family home is that in a condo purchase, you’re essentially acquiring the space within the walls, rather than the entire structure. This leads to shared walls, roofs, garages, basements, and communal outdoor areas. These shared spaces are governed by rules and regulations aimed at maintaining the peace among residents.
When buying or selling a condo, it’s important to understand the specifics of these communal spaces to prevent any disputes before, during, or after the transaction. Both buyers and sellers must adhere to the site’s CC&Rs and the HOA’s Bylaws. At New Era Escrow, our agents specialize in the complexities of condo transactions and know which details to pay attention to.
Another thing to consider in condominium transactions is when certain property taxes and utility expenses fall under communal responsibilities. At New Era Escrow, we work diligently to clarify these matters, ensuring your transaction is completed smoothly and on schedule. Trust our decades of industry-leading experience to manage your condo escrow effectively.
Contact New Era Escrow today for more details on how we can facilitate your smooth condo transaction. Alternatively, you can use our advanced online escrow service to start the process from the convenience of your own home or office.