Updated on January 15th, 2021
The condominium association purchase agreement addendum allows for the buyer of a property to receive all the information involved in the expenses and expectations related to owning the condominium. The given report lists fees required to be paid to the community association and allocates the expenses that are not included in the monthly or annual costs. The assessed fees that are not included are to be paid separately by the owner. The provided information will also present the regulatory policy and guidelines for the property. The addendum assigns a time frame for the purchaser to review the association rules and costs to endorse and submit upon approval.