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Buying a condominium unit seems like the easiest way into the real estate market because of the typically reduced cost comparted to a single family home in most markets. However, the involvement of a condominium association in a transaction raises concerns for lenders and may necessitate extra steps in the transaction. Lenders are aware that the association can force a borrower to pay for maintenance expenditures and emergency repairs, potentially stemming his ability to repay his loan. Also, the association can choose to spend less than is necessary on property maintenance, thereby reducing the value of the condo unit, another situation the lender would prefer to avoid. Multi-unit owners can have the same effect on the association at large by the choices they may make. Closing Attorney Rob Anctil forwards this Wall Street Journal article with more information: http://on.wsj.com/29PHI38

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