Following Surfside Condo Collapse, Due Diligence Becomes More Important Than Ever

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Following Surfside Condo Collapse, Due Diligence Becomes More Important Than Ever
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The Champlain Towers South collapse in Surfside shows how important it is for buyers to not only verify the financial soundness of their potential future condo association, but the soundness of the building as well

, shows how crucial it is for buyers to not only verify the financial soundness of their future condo association, but the soundness of the building as well.

“I’ve worked with condo buyers who are waiving inspections and review of the association documents,” said Donna Deaton, managing vice president of RE/MAX Victory + Affiliates in Cincinnati. “That makes me cringe because they’re not seeing the whole picture.” Ms. Deaton recommends to all her condo-buying clients that they get an inspection of their unit and review relevant association documents—not just the association bylaws. Buyers shouldn’t assume that their real-estate agent is doing this on their behalf, she said.

“Gather as much information as possible about the building and the particular apartment you’re purchasing before you move forward,” said real-estate attorney Ingrid C. Manevitz, a partner with Seyfarth Shaw in New York City. “Otherwise, you could end up purchasing a lemon of an apartment or inherit issues that could have been avoided had you gone through due diligence.”

Although the exact steps a buyer should take vary by state, and in some cases county, experts suggest that buyers perform the following actions before closing.

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