OOB condo associations
Roughly 120 condo associations in OOB control 4,200+ units. Buying into one is buying into its bylaws, finances, and current capital posture as much as into the unit. Here's the diligence template.
Updated May 2026
What to read before contract
Two years of board minutes, current operating budget, most recent reserve study, master insurance binder (declarations and certificate), audited financials if available, and the association questionnaire (the 'condo cert').
What to ask the manager
Pending or recent special assessments, planned capital projects, current litigation, owner-occupancy ratio, single-entity ownership concentration, percentage of units delinquent on dues.
What to ask the lender
Whether your specific association is approved by the lender (for conventional/jumbo) or requires non-warrantable / portfolio / DSCR.
Red flags
No reserve study or one >5 years old. Reserves <10% of operating budget. Recent or pending assessments without a clear scope. Litigation involving the building envelope. Insurance with sublimits on wind or no ordinance & law coverage.
Compiled from Town of Old Orchard Beach, RSU 23, FEMA, Maine Revenue Service, US Census, and MLS. Deemed reliable but not guaranteed; verify before any transaction.