Laws about Purchasing a Condominium
The State of Missouri modeled their Uniform Condominium Act after the State of Florida, which has more condos than anyone else. 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 that specialize in Condos, like myself, usually hear about issues and concerns and can steer you clear of these troubled complexes.
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.