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Arizona's new H.O.A. Condominium/Planned Community Addendum
Arizona Realtors, are you ready for the new H.O.A. Condominium/Planned Community Addendum? Beginning February 2, 2105 Arizona will have a new/revised HOA Addendum that will be required to be completed for any transaction that involves a homeowners association. The old HOA Addendum was previously required to be completed and submitted by the buyer. The buyers were indicating which party pays for which HOA related fee when they completed the old HOA Addendum (at the time of submitting their offer to the seller), without any knowledge of the HOA, or the fees associated with the HOA. This new HOA Addendum will be initiated by the seller at the time of listing their home. The homeowner will be responsible to provide information on the HOA, and the fees payable upon close of escrow, at that time. The intent of this new HOA Addendum (and process) is to provide the information to enable the buyer the ability to make an informed decision regarding which party will pay which of the HOA related fees in a transaction. This will be a complete change in the process for listing agents as well as buyer agents. The listing agent should now include this new HOA Addendum as ... more
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