Condo Due Diligence Document Request Checklist

Key questions:

• Who is responsible for each building component?
• What are the use restrictions?

Red flags:

• Excessive transfer fees
• Unusual pet/rental restrictions

Key questions:

• Are dues covering operating costs?
• What percentage goes to reserves?

Red flags:

• Reserve contribution below 10%
• Budget deficit

Key questions:

• What is the percent funded?
• When was it last updated?

Red flags:

• Below 30% funded
• Older than 5 years

Key questions:

• Any pending litigation?
• Any planned special assessments?

Red flags:

• Recurring maintenance complaints
• Deferred repairs

Key questions:

• What is the deductible?
• Is it all-in or bare-walls coverage?

Red flags:

• High deductible ($25K+)
• Missing coverage types