Buying a Condo in Los Angeles: The Step-by-Step Process

Buying a condo in Los Angeles follows the same broad path as any California home purchase, with a few condo-specific steps around the homeowners association. Here’s the process from first mortgage conversation to move-in day, and what buyer closing costs to expect.

1. Get pre-approved

Start with a lender to establish your budget and get a pre-approval letter. For condos, ask the lender to also verify that the buildings you’re considering are financeable under your loan type (see warrantable vs. non-warrantable).

2. Define your search

Decide on neighborhoods, must-haves, and building style — a full-service high-rise, a converted loft, or a boutique low-rise. Browse by neighborhood or building to narrow the field.

3. Tour and evaluate the building

When you find a unit you like, look past the finishes to the building: reserves, dues, rules, condition of common areas, and parking. A great association is part of what you’re buying.

4. Make an offer

Your agent submits a written offer with your price, terms, and contingencies (loan, appraisal, inspection, and — importantly for condos — HOA document review). In a competitive situation, terms and timelines can matter as much as price. Once the seller accepts, you open escrow and deposit your earnest money.

5. Escrow, inspections, and the HOA documents

During escrow (typically 30–45 days), you complete your unit inspection and receive the association’s disclosure packet — CC&Rs, budget, reserve study, insurance, meeting minutes, and any pending assessments or litigation. California law requires the HOA to provide these documents. Read them carefully; this is your window to confirm the building is as healthy as it looks. Our HOA guide covers what to look for.

6. Loan, appraisal, and building review

Your lender orders an appraisal and, for a condo, a review of the project itself — owner-occupancy, reserves, insurance, commercial space, and litigation. If the building doesn’t meet the loan’s standards, you may need a different loan product. Clearing these conditions leads to final loan approval.

7. Buyer closing costs

Plan for roughly 2–5% of the purchase price in closing costs, which commonly include:

• Loan fees — origination, appraisal, credit, and any points
• Escrow and title — escrow fee and lender’s title insurance (who pays which title policy is negotiable and varies by custom)
• HOA fees — document/transfer fees, a move-in fee, and prorated dues
• Prepaids — property-tax and insurance impounds and your HO-6 policy
• Recording fees

8. Close and move in

You sign loan documents with a notary, your funds and loan are wired, and the deed records with the county — at which point you own the condo. Coordinate your move-in with the HOA, since many buildings require reserving the elevator and following move-in rules.

This guide is general information about buying, selling, and owning condominiums in Los Angeles and is not legal, tax, or financial advice. Rules, rates, and tax thresholds change — confirm current figures with your lender, escrow officer, CPA, or attorney, and with a Condos of LA advisor, before making decisions.