Emilie Broughton Real Estate Blog

Due Diligence in 4 Steps

The collapse of the Champlain Towers South condominium in Surfside Florida shows how important it is for buyers to not only verify the financial soundness of a future condo association, but the soundness of the building as well.

Buyers may consider waiving inspections and review of association documents in order to make their offer more attractive, but they reveal crucial information. Otherwise, you could end up with issues you could have avoided.

An article in the July 16, 2021 Wall Street Journal suggests these four tasks:

  • Review several years worth of condo or co-op board minutes.
  • Look at the financial statements to be sure enough has been set aside for repairs
  • Google any media reports of problems with the building
  • Review the association’s insurance.  The bylaws will tell you what you have to cover, but you should be sure the association’s policy limits are sufficient for rebuilding. 

As with any purchase, be sure you have sufficient liability coverage and alternate living coverage if you have to leave your home.  Even total loss doesn’t relieve a unit owner of the obligation to make mortgage payments.

This entry was posted in Blog, Real Estate.
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About Emilie

A transplant from the Pacific Northwest, Emilie has first-hand knowledge of the ins-and-outs of first-time home ownership and remodeling. She has become involved in the local art community and all the diversity Southern California has to offer and more recently has expanded her knowledge to include New Mexico.

Emilie’s passion to be involved in her community led her to become a licensed Realtor and Broker.  She continues to educate herself on different aspects of real estate to support clients with a variety of needs.  She is certified as a Military Relocation Professional (MRP) to work with U.S. Service families and veterans to find affordable housing solutions.

Having worked for both a small boutique firm and a company with a global presence, in 2023 she formed Emilie Broughton Real Estate to work with buyers, sellers, landlords, and tenants in California and New Mexico.

Splitting her time between the Land of Enchantment and the Golden State, Emilie focuses on Los Angeles County and the Greater Albuquerque metro area, helping her clients achieve their real estate goals in both Mountain and Pacific Time Zones.

Emilie represented her region as a California Real Estate State Director for three years.  She has served as President of the Pasadena Foothills Association of Realtors and is a multi-year recipient of the Five-Star Real Estate Professionals Award for the outstanding service she provides to her clients.

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