Buying a Condo in Massachusetts: Documents, Fees and Financing

A condo can be a smart way to own in Greater Boston, especially for first-time buyers and downsizers. But when you buy a condo, you are also joining an association and sharing its finances. Before you commit, here is what to read, what to ask, and what lenders now look at in 2026.

What you actually own

In a Massachusetts condo, you own your unit plus a percentage interest in the common areas, such as the roof, hallways, land and building systems. Condos in the state are governed by Massachusetts General Laws Chapter 183A. A condo association (often a trust run by a board of trustees) manages the building and collects monthly condo fees, also called common charges.

The condo documents to review

Ask for these early, ideally as part of your offer, and have your attorney review them:

• Master deed: Creates the condo and describes the units and common areas, including any areas only you can use, like a deck or parking space.
• Declaration of trust and bylaws: Explain how the association is run, how votes work, and what the board can do.
• Rules and regulations: Cover daily life, such as pets, noise, moving, renovations and short-term rentals.
• Unit deed: Describes your specific unit.
• Annual budget and financial statements: Show where the money goes.
• Recent board meeting minutes: Often the best place to spot coming repairs, disputes or special assessments.
• Master insurance certificate: Shows what the building policy covers.

Massachusetts uses a separate standard Purchase and Sale form for condos. See our guide to making an offer.

Budget and reserves

A healthy association collects enough in condo fees to run the building today and save for big future repairs, like a new roof or boiler. That savings is called the reserve fund.

This matters more than ever in 2026. Fannie Mae requires condo projects to budget at least 10% of their annual income for reserves, or have an acceptable reserve study. Fannie Mae and Freddie Mac have announced that this rises to 15% for full reviews starting in January 2027. Fannie Mae also generally will not approve a project where more than 15% of units are 60 or more days behind on condo fees.

Special assessments

A special assessment is an extra charge on top of your monthly fee, usually for a big repair the reserves cannot cover. Before you sign, ask:

• Is any special assessment approved or being discussed?
• Who pays an assessment voted before closing, you or the seller? Your attorney can address this in the P&S.
• When were the roof, windows, heating system and elevator (if any) last replaced?

The 6(d) certificate

Under Chapter 183A, Section 6(d), the association must provide a statement of any unpaid condo fees and charges on the unit. It must be furnished within 10 business days of a written request, for a reasonable fee. When it is recorded at the Registry of Deeds, it clears the unit of liens for other unpaid amounts at that time.

Why it matters: an association’s lien for unpaid fees can come ahead of a mortgage for up to six months of common charges. The 6(d) certificate, which the seller’s attorney usually orders, makes sure you are not stuck with the seller’s unpaid fees.

Insurance: master policy and HO-6

The association carries a master insurance policy for the building and common areas. Policies differ. Some cover only the structure (“bare walls”), and others include original fixtures inside the units. Lenders check that the master policy meets their requirements.

You will also need your own HO-6 policy (condo unit insurance). It usually covers your belongings, interior improvements, liability, and sometimes the master policy deductible you could be charged after a claim. Ask the association for the master policy deductible and buy enough HO-6 coverage to match.

Rental restrictions

Many associations limit renting. Rules can ban short-term rentals, require minimum lease terms, cap the number of rented units, or require board approval. If you might rent the unit later, read these rules before you buy. High rental rates in a building can also affect financing.

Financing a condo in 2026

Conventional loans (Fannie Mae and Freddie Mac)

Lenders must review the condo project, not just you. Starting August 3, 2026, for new applications and for loans already in process that had not closed, Fannie Mae retired its “limited review” and Freddie Mac retired its “streamlined review.” Many established projects now need a full review. Fannie Mae expanded its waiver for small projects of 10 or fewer units that meet its conditions. If a project does not qualify, conventional financing may not be available, and buyers may need a different loan type, often at a higher cost.

FHA loans

For an FHA loan, the condo project must be FHA-approved, or the unit must qualify for Single-Unit Approval. HUD offers an online search of FHA-approved condos. Single-Unit Approval requires a finished project with at least five units that meets FHA’s rules on owner-occupancy, FHA concentration and finances.

VA loans

For a VA loan, the project generally needs to be on the VA’s approved condo list, or go through an individual approval. Ask your lender to check early. See our guide for veterans.

Questions to ask before you buy

1. What are the monthly condo fees, and what do they include (heat, hot water, parking)?
2. How much is in reserves, and when was the last reserve study?
3. Are any special assessments planned or being discussed?
4. Are there any lawsuits involving the association?
5. What percentage of units are owner-occupied, and how many are behind on fees?
6. What is the master policy deductible?
7. What are the rules on pets, rentals, renovations and parking?
8. Is the building professionally managed or self-managed?

How Luis can help

Luis and our team help buyers compare condo buildings, read the documents and ask the right questions, in English or Spanish. Start with our home search or book a free 15-minute call through our contact page.