Condominium Warranty Regulations is a program in DC that helps protect buyers of newly constructed condominiums.
Condominium Warranty Regulations, a program launched a few years ago in D.C. aims to protect buyers of newly constructed condominiums. It stays in effect for two years after the settlement date of the first condo in the new building. What happens is 10 percent of the total cost of construction is put aside as a condo warranty bond. The Department of Consumer and Regulatory Affairs (DCRA) and your respective condo association can ask for money from it to aid in structural issues to your unit that may come up.
It is important to remember a couple key pointers, when buying a brand new condo, especially given the amount of real estate that…