What To Look For In HOA Or CONDO Documents
When purchasing a home in a community or building that is managed by a home owners association or condo association in the state of Virginia, it is the sellers job to provide you an updated copy of the community documents prior to settlement.
Once you receive these documents you typically have 3 days to review them unless otherwise stated in your contract. The problem is these documents can be quite lengthy and boring unless you know what you are searching for.
- The Disclosure Statement. This is typically included in the first few pages of the packet or separate from the documents. This form will usually let you know if there are any VIOLATIONS that need to be addressed by the seller or any FEES that have not been paid. This is critical since these penalties can become yours if not handled prior to settlement or at the settlement table.
- Make sure that the documents being given to you are the latest documents given by the community. Many sellers want to give their documents since they cost money. As a buyer, you need the latest information from the association.
- Confirm The HOA OR CONDO FEES. The fee’s quoted in the mls can be wrong. Confirm them in your documents and make sure that there are no outstanding assessments that you are about to inherit.
- Use the index to check any other items that concern you. If you are concerned about pet rules, solar panels, barns, or painting your shutters… This is the place to find out.
flickr credit- gregoryjameswalsh
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