Thinking about buying a condo in Seattle but not sure where to start? You are not alone. Between financing rules, HOA documents, and building differences, the process can feel complex. This guide walks you through each step from pre-approval to keys, with local context and realistic timelines so you can move forward with confidence. Let’s dive in.
Why buy a condo in Seattle
Seattle condos cluster in neighborhoods like Downtown, Belltown, South Lake Union, Westlake, Capitol Hill, First Hill, Queen Anne, Ballard, and areas near light rail. You get walkability, transit access, and low-maintenance living. You also join a community with shared costs and rules.
Condos often trade single-family upkeep for monthly HOA dues and shared decision-making. Your long-term costs and resale value depend on the building’s condition, reserves, insurance, and governance. Understanding these pieces early helps you make a strong, informed offer.
Know your building types
High-rise towers
These steel or concrete buildings dominate Downtown and dense hubs. Pay attention to elevator reliability, façade or envelope maintenance, and seismic design considerations. Review any building inspection reports in the HOA documents.
Mid-rise and podium buildings
You will find these near transit and urban villages. They often balance amenities with moderate HOA dues. Confirm how the HOA plans for roof, exterior cladding, and mechanical systems.
Low-rise and masonry conversions
Some older brick buildings and historic conversions have charm and strong locations. Look closely at water-intrusion history, window and roof condition, and any structural reports.
Townhouse-style or detached unit condos
These can shift maintenance responsibilities compared to stacked condos. Review governing documents carefully to learn what the HOA covers versus the unit owner.
New construction vs resale
New builds may offer developer warranties and newer systems. Resales let you see the building’s history, reserves, and maintenance track record. Factor in amenity fees, reserve strength, and any special assessments.
Step-by-step roadmap: pre-approval to keys
Preparation (about 1–14 days)
- Get a mortgage pre-approval by sharing your income, assets, and credit with a lender. A true pre-approval is stronger than a simple rate quote and can take 1 day to 1–2 weeks.
- Build a budget that includes down payment, closing costs of about 2–5%, moving costs, and a cushion for HOA assessments. Plan for earnest money at contract signing, often 1–3% of the price, though it is negotiable.
- Clarify your priorities: target neighborhoods, building types, parking and storage needs, pet and rental rules, and desired views or amenities.
Search and offer (days to weeks)
- Set up RealScout or MLS alerts with filters for building name, HOA size, pet and rental policies, parking, and days on market.
- In competitive moments, offers can be decided within days. Your strategy should balance contingencies with competitiveness.
- After acceptance, earnest money is deposited to escrow.
Due diligence (about 7–21 days, but negotiable)
- Inspection contingency is commonly 5–10 business days. Use a condo-experienced inspector, and consider specialists if the HOA docs mention envelope, structural, elevator, or parking issues.
- HOA document review usually runs 3–10 days. If the HOA packet is delayed, negotiate more time.
- Appraisal often completes 7–14 days after mutual acceptance. In some markets, buyers consider appraisal-gap strategies, but understand the risk.
- Financing timelines vary. Conventional loans often close in 30–45 days. VA and FHA may take longer if the condo project needs approval.
- Review title and seller disclosures quickly so you can address issues early.
Closing and move-in (about 21–45 days after acceptance)
- Escrow and title clear liens, satisfy lender conditions, and prepare for recording and funding.
- Keys are released at closing or based on move-in coordination with title/escrow and the HOA.
What to look for in HOA documents
A condo’s financial health and governance affect monthly costs, special-assessment risk, insurance, and resale. Read the full packet.
Request these documents
- CC&Rs and recorded declarations
- Bylaws and Rules & Regulations
- Articles of Incorporation
- Current operating budget and recent financial statements
- Reserve study and current reserve balance
- Meeting minutes for the past 6–24 months
- Master insurance policy declarations and deductibles
- Assessment history and delinquency reports
- Pending or threatened litigation
- Engineering or inspection reports for envelope, structural, elevators, or mechanical systems
- Certificate of insurance requirements for unit owners and lenders
- Rental or occupancy restrictions and any investor caps
- Reserve contributions or transfer fees due at sale
Read for red flags
- Low reserves for an aging building or large upcoming projects
- Repeated or large special assessments
- Litigation related to construction defects, water intrusion, or structural issues
- High owner delinquency rates
- Insurance with very high deductibles or limited coverage for water or envelope damage
- Strict rental restrictions that may affect resale or flexibility
- Developer-controlled HOA in new projects, which can change once owners take control
Timing and delivery
Many Seattle associations prepare resale packets for transactions. Request them early, since delays can impact contingency deadlines.
Financing, insurance, and title basics
Financing
- Loan options include conventional, FHA, VA, and portfolio loans. Each has different down payment and credit requirements.
- Lenders often require condo project approval. If the building is not approved, extra documentation may be needed or the loan may not be eligible.
- You can buy with less than 20% down, but conventional loans under 20% include mortgage insurance. FHA can allow lower down payments but has project eligibility rules.
- Lenders evaluate HOA dues, reserves, and rental ratios as part of project review.
- Appraisals consider building condition and local comparable sales. Unique buildings or limited comps can complicate valuation.
Insurance layers
- The association’s master policy covers common areas and often the structure. Confirm coverage scope and deductibles.
- Your HO-6 policy covers interior finishes, personal property, loss of use, and personal liability. Lenders typically require certain coverage levels.
- Master policy types vary. Clarify what the HOA insures versus what you must insure inside your unit.
Title and liens
- HOAs can lien for unpaid assessments. Review delinquency data and collection policies.
- Expect standard title exceptions for CC&Rs and easements. Ask about any unusual exceptions.
- Title insurance is typically recommended to protect against undiscovered defects.
Costs now and later
- Typical buyer closing costs are about 2–5% of the purchase price. Your share depends on loan type and negotiation.
- HOA dues vary widely and cover different services. Verify current dues and what they include.
- Special assessments can occur for major repairs. Review history and near-term projects.
- Property taxes are prorated at closing. Check current amounts through county records.
New construction notes
New-construction condos usually come with limited builder warranties. Workmanship coverage is often shorter and structural coverage can last longer. Review the warranty details closely. For conversions or phased projects, look into governance, reserves, and any construction-defect history.
Smart negotiation in Seattle
Sellers often prefer clean offers with flexible timing, strong earnest money, and reasonable contingency periods. Shorter closing windows can help if your lender and HOA documents are in order. Weigh the risks of waiving inspection or HOA review. These terms can speed acceptance but increase the chance of hidden issues.
Your condo buyer checklist
- Get mortgage pre-approval and ask about condo project requirements early.
- Build a budget for down payment, closing costs, first-year HOA dues, and a reserve for assessments.
- Set RealScout or MLS alerts with building, HOA, parking, pet, and rental filters.
- Once under contract, request the full HOA resale packet right away.
- Hire a condo-experienced home inspector. Add specialists if HOA docs flag envelope or structural concerns.
- Read the reserve study, budget, meeting minutes, master insurance declarations, and litigation disclosures.
- Confirm lender project eligibility and appraisal timing.
- Review the title commitment and clear any unusual exceptions.
- Arrange HO-6 insurance and confirm what the master policy covers.
- Verify parking, storage, pet, and rental rules.
- Coordinate elevator reservations, deposits, and move-in rules with the HOA.
Move-in logistics to plan
Reserve the elevator if required, and confirm moving hours and deposits. Ask about protective pads, loading zones, and certificate of insurance requirements for movers. Plan ahead for mailbox setup, HOA fobs, parking stickers, and move-in orientations if the building requires them.
Ready to make your move?
Buying a Seattle condo is manageable when you follow a clear plan and review the HOA and building details with care. With a focused search strategy, strong due diligence, and thoughtful negotiation, you can secure the right home and a smooth closing. If you want a condo-savvy, concierge partner to guide every step, connect with Jamila Saidi for local insight, RealScout alerts, and hands-on support from offer to keys.
FAQs
How long does condo closing take in Seattle?
- Most financed condo purchases close in about 21–45 days, while cash deals can be faster depending on HOA documents and title.
Do you need 20 percent down for a Seattle condo?
- Not always; several loan programs allow lower down payments, but eligibility can depend on the condo project and your qualifications.
What if HOA reserves are low in a Seattle building?
- Low reserves raise the chance of special assessments; review the reserve study and minutes and consider negotiating credits or price adjustments.
Can an HOA in Washington lien or foreclose for unpaid dues?
- Yes, associations can place liens and pursue enforcement; check delinquency levels and the HOA’s collection policies in the resale packet.
Are condos near light rail a good investment in Seattle?
- It depends on the building’s condition, HOA health, and overall location; proximity to transit and employment centers can support long-term value.
