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YOU Are Responsible For Reading Your CC&Rs

By
Real Estate Agent with West + Main

 I recently wrote a post about the CC&Rs in Sunriver and the condo associations in Sunriver. Many Real Estate professionals from around the U.S. commented on how their state has a clause in the contract that allows the buyer to review the CC&Rs prior to moving forward with the contract. In Oregon, our standard contract allows 5 business days (unless otherwise indicated) to review the CC&Rs and preliminary title report.

What does this mean for you the buyer? You may receive documents from your REALTOR® regarding the CC&Rs, but these are just to familiarize yourself with them, the official ones will come from the title company your escrow is opened with. Your REALTOR® will not receive a copy of them unless they request a copy. It is your responsibility to actually read these rules.

If you have any issues with the CC&Rs you need to let your REALTOR® know as soon as possible. At that point your agent should draft a document for you to sign and to be presented to the seller for signatures. If you have withdrawn from the contract and have done so in the time frame in which your contract states, any earnest money you have in escrow should be rightfully returned to you.

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Thesa Chambers • Broker • RE/MAX Sunset Realty

541-771-7064 Cell • 541-536-0117 Office • 888-868-2050 Toll Free

Mailing Address • PO Box 3510, La Pine, OR 97739

Randy L. Prothero
eXp Realty - Hollister, MO
Missouri REALTOR, (808) 384-5645
In our state the contract reads that the seller (seller's agent) provides the condo and association docs.  I guess every state has their own custom for this.  They just passed a new state law in Hawaii that specifically addresses planned community documents also, although I think it may be badly flawed.
Aug 26, 2007 06:43 PM
Thesa Chambers
West + Main - Bend, OR
Principal Broker - Licensed in Oregon
Randy - because CC&Rs have to be filed with the county clerk - they always have the most current.  If an agent is to provide them I should hope there is some kind of disclosure that they are the most accurate you can get your hands on.
Aug 26, 2007 06:48 PM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate
Even I waited to read them after 3 years of living in the home. My newer home...we read them before. Seems they purposely make them too long to read before for most.:)
Aug 26, 2007 11:57 PM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection
Thesa -when does the 5 days begin? upon receipt or when the title company mailed the information?
Aug 27, 2007 12:09 AM
No Longer Active
Real Estate - Fallon, MT
Thesa... Your title stuck Creedence Clearwater Revival tunes in my head for the day.....  LOL...    Who'll Stop the Rain...
Aug 27, 2007 12:19 AM
Rick Grand
nowhere - Eugene, OR
you are always insightful Thesa! That is something I did not know and thank you for educating me! I think sometimes people expect the agents and/or loan officers to be the ones that handle EVERYTHING and they don't realize they do have some responsibility as well.
Aug 27, 2007 02:45 AM
Susie Roscoe
Signature Realty Associates - Brandon, FL
Real Estate Specialist | Brandon, FL

Ironically the RULES you're given during the building process don't seem to be upheld until it's turned over to the community HOA which can take a few years if you're one of the first...and then the %^&* hits the fan because so many have "done things anyhow" and the feud begins! 

You're right!!  The owner is responsible for reading the rules...I wonder how many actually do!

Aug 27, 2007 03:20 AM
Rita Taylor
None - Sanford, NC
Sanford NC Real Estate - Homes for Sale in Sanford North Carolina

Thesa,

Our rules are different here in NC but it is always important to know the deadlines in the contract to make sure you follow them.  Reading the CC&Rs may not be fun but finding out you cannot use your new home the way you had planned could be a lot worse. 

Aug 27, 2007 01:16 PM
Cyndee Haydon
Charles Rutenberg Realty - Clearwater, FL
727-710-8035 Clearwater, Beach Short Sales Luxury Condos &Homes
Thesa - this is a very important topic - thanks for putting the spotlight on it.
Aug 27, 2007 01:58 PM
Stephanie Edwards-Musa
thredUP.com - The Woodlands, TX
knitwit at thred UP
Thesa,  Great job pulling contract deadlines in to this topic.  This is something that many buyers do not understand the importance of. 
Aug 27, 2007 02:33 PM
Jack Haydon
Charles Rutenberg Realty - Clearwater Beach, FL
Clearwater Beach Condos - Real Estate Homes for Sale
Thesa - this is nothing to gloss over - I always make sure buyers understand the rules because once your free look period is over you're ultimately agreeing to comply - thanks for a great post.
Aug 27, 2007 05:16 PM