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.