The State of Missouri modeled their Uniform Condominium Act after the State of Florida, which is a pretty good place to start.  The entire statute is linked here, and the main point is that you have protection while buying and owning you Lake of the Ozarks Condominium. 

One key provision is that the buyer has a 5 day right of recession on a resale condo and 10 days on a new construction condo while they review the Condo Resale Certificate.

When you purchase a condo, be sure to walk all over the complex and view everything the condo project owns or has responsibility over.  A good agent will be able to help you to spot any potential issues, and experienced agents such as the Lake Select Group usually hear about issues and concerns since our company is the number one seller of condominiums at the Lake of the Ozarks. 

Keep in mind that the seller’s disclosure is normally about the unit itself, and not as much about the issues of the complex. Likewise, the inspection is normally an inspection of the unit itself and not the roof or siding or other issues deemed to be the association’s responsibility. When you receive the resale certificate, read the minutes thoroughly, and look for any pending litigation or possible special assessments looming on the horizon.  The resale certificate was not created by the seller, so you can expect the truth and nothing but the truth from the association.  

Look at the Rules and Regulations, CC&R’s and By-Laws and make sure you understand them.  These get very detailed all the way down to the number of pets allowed, parking spaces, quiet hours, and all aspects of daily life at the complex.     Look at the amount in reserves and make sure that the amount is sufficient for the needs of the complex. Most importantly know that you have a very limited time to note a lot of things when you get the resale certificate.  Again, you have a 5 day right of recession from the time you receive the Condo Resale Certificate in person to exercise this option.   

Should you find a red flag on the resale certificate such as a lawsuit, a special assessment, or simply feel that the association is under-funded, you can terminate the contract and you will get your earnest money back, provided you are in the applicable 5 day or 10 day window.  Again, use an experienced agent to avoid a potential mistake that could void your rights and force an unwanted sale.