Homeowners Association Disclosures and CC&Rs

By
Real Estate Agent with Summit Realty Group CA BRE# 01839597

Homeowners Association Disclosures

Are you buying property that is located in a community governed by an HOA? 

Have your agent order the HOA documents and make sure you can "live" with the CC&Rs. CC&Rs or Covenants, Conditions & Regulations are the rules and regulations imposed on the members of the association.

It is important that buyers read these CC&Rs and understand them. Failing to abide by these bylaws could result in fines. 

  • Effective January 1, 2012 Homeowners Associations (HOAs) can no longer bungle fees for providing required disclosures with other fees, assessments or fines.
  • The HOA can not charge for making documents available to buyers if they are maintained electronically by the HOA. They must make them available electronically at no added cost.
  • New buyers have a right to request and receive 12 monthsof board of directors' minutes.
  • The HOA must use an HOA cover sheet for disclosures.
MUST DO:
Check the financial balance sheet of the HOA.  Make sure there aren't any red flags.  The last thing you want is buying property in a community with an HOA that increase dues rapidly after you move in.
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Anja K. Kerstens
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DRE#01839597 

Summit Realty Group
 

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Rainmaker
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Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Anja - I couldn't aagree with you more, it is so important that home buyers read the HOA docs prior to purchasing a home within it.

Sep 29, 2012 07:20 PM #1
Rainmaker
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Marte Cliff
Marte Cliff Copywriting - Priest River, ID
your real estate writer

Anja - I can't imagine any circumstance that would force me to buy into an area with an HOA. We have enough restrictions placed on our lives - I wouldn't deliberately go get more of them!

But if I had to, I'd read those documents forward and backward to make sure I understood every word - and that there wasn't anything I couldn't live with.

Sep 29, 2012 10:24 PM #2
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Rainmaker
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Anja Kerstens

GRI, CDPE, CHS, ASP, Selling Silicon Valley Real Estate
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