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San Jose Condo Purchases Require Extra Steps

    San Jose homebuyers that are contemplating purchasing a condominium should review a long list of documents and other property information to make sure that the property being considerd is a solid buy in this challenging market.

    The following information is a the top of the must-consider list:

• Budget. Examine the current budget, a year-to-date statement of income and expenses, and a couple of previous years’ budgets to see how they’ve changed.

• Reserve study. Understand the plan for maintenance and how it will be paid for.

• Special assessments. Ask if there have been any and whether more are planned.

• Delinquencies. How many owners are behind in their payments? Many lenders say no more than 15 percent of owners can be in arrears or they won’t write mortgages in the complex.