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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This post has been included in California Real Estate News Santa Clara County, CA Real Estate News
Post is included in group: First Time Homebuyer
Post is included in group: Posts to Localism
Post is included in group: 1st Time Buyers

2 Comments on Homeowners Association Disclosures and CC&Rs

SEP
29
989,975 Points 50 Featured Posts Outside Blog Called Shot Master

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.
7:20pm • #1
587,603 Points 106 Featured Posts Outside Blog Called Shot Master

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.
10:24pm • #2


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