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Ins and Outs Of Homeowners Associations
When purchasing in a community that has an HOA or Home Owners association it is very important that you check it out fully. You cannot assume that the HOA is financially stable, that it is well run or that they have no real rights over your property.  Often time existing homeowners are a wealth of information that you can tap into just by talking to some people walking in the neighborhood or working out in their yards.  You may not get 100% accurate information this way but it is a great way to get started and to have any real red flags come to the surface quickly.
As part of your real estate transaction you r Agent and/or escrow officer should make sure that you receive, in a timely fashion, all relevant disclosures concerning the HOA.  This include but may not be limited to:
 
Statement of Incorporation CC&R's (covenants and restrictions on properties in the HOA) Bylaws (rules under which the HOA should be operating)  Rules and Regulations Age restrictions if applicable Budget and reserves - a balance sheet information on assessments and reserves (any big up coming charges or projects should be disclosed to you) Assessment enforcement policy Insurance ... more

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