Condos & HOA

[HomeGuru]

Souix,
here is a list of docs that I request for any HOA property regardless if condo or not.


CONDOMINIUMS, SUBDIVISIONS, HOMEOWNER ORGANIZATIONS/ASSOCIATIONS

Contract contingency on Homeowner Organization Documentation Approval. Buyer's obligation to purchase the Proerty is contingent upon Seller providing the following applicable information to the Buyer for review and approval.

Approved Minutes of the last three (3) Board of Director's Meeting
Articles of Incorporation/Association and amendments, if any.
Board of Director's and association minutes issued during the escrow period, if applicable.
By-laws and Amendments
Copy of any and all pending litigation complaints filed by or agaisnt the HOA and/or its directors that are currently unresolved, if any.
Current and/or Proposed Budget
Current Financial Statement
Current House Rules
Declaration and amendments
Inventory of Furniture and Furnishings
Minutes of the last annual Meeting
Property Information Form RR 105C, if obtainable.
Reserve Study of Summary, if obtainable.
Other Documents: Please list_________________________________

In addition, Seller shall provide any and all pertinent information on parking stalls, storage spaces, maintenance fees, lease rents, assessments, liens, unpaid fees and any other material disclosures to Buyer.

Also include in your contract the contingency for receipt, acceptance and approval deadlines and Buyer's right to terminate if Buyer does not accpet the property based on information contained in the documents.

For info on reserve studies check out www.reservestudy.com

RR 105C may be titled different in your and other states, and is a disclosure form or property information form for condo, co-op, PUD, and other HOA's filled out by the HOA and/or property/HOA management company.

 

[Souix]

Wow. We don't do any of that. I wonder why? We only supply the buyer with the copy of the CC&Rs that is listed as an exception on the title report. No one has ever asked the buyer to approve or disapprove because the way our earnest money agreement are written, if they don't reject the CC&Rs in 5 business days of receipt, then that is considered acceptance. I have never been given copies of the minutes or the other things mentioned to give to a buyer. What furnishings? Is that in reference to a clubhouse or something? I mostly deal with PUDs that don't have clubhouses or any kind of amenities except for utilities being paid thru the HOA fee. I also do not sell mobile homes in parks or on leased land.