An article in today’s New York Times contains much good advice for buyers of new residential condominium units. The article notes that New York, like many states, requires the developer of a condominium to give each purchaser an offering statement or disclosure statement that contains detailed and useful information about the unit being purchased, but that such a statement can be confusing or difficult to understand. The article also notes that FHA and Fannie Mae insurance may not be available for the purchase of a new unit, as the requirements that must be met by new developments in order to qualify for those types of mortgage insurance have been toughened up considerably in the last few years. One important factor for a buyer to consider that is not discussed directly in the article is the financial condition of the condominium association. In a condominium, unlike a detached home, maintenance and repairs are funded in common with other owners. That means that a purchaser needs to understand the financial condition of the owners’ association, so that the purchaser understands the association’s ability to meet current and future financial needs.