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Thinking About Buying A Home Within an HOA? Be Sure To Do Your Homework!

By Leesa Finley

Real Estate Broker/Owner with RED Properties NC #129285

November 17, 2011 05:05 AM

Many homes for sale in Wake Forest NC are located within subdivisions that have Restrictive Covenants and are subject to regulation by the Owner's Association. For that very reason, it is CRITICAL that you review the Restrictive Covenants and Bylaws PRIOR to signing an Offer To Purchase Contract.

It is your Real Estate Agents responsibility (Buyer's Agent) to provide you with the covenants prior to signing the Offer To Purchase. After reviewing you will not only need to sign the Offer To Purchase, provided you accept the Restrictive Covenants, but also the Owners Association Disclosure and Addendum if the purchase is a ReSale.

The Owners Association Disclosure and Addendum will provide you with the Name, Address and Phone Number of the Homeowners Association as well as what is "paid for" in the monthly or annual Association Dues. It is very important that you read this information first BEFORE signing an Offer To Purchase contract. By signing the Offer To Purchase you are accepting the Restrictive Covenants and Bylaws.

If you are searching for Homes for Sale in Wake Forest NC you will want to call me, your Wake Forest NC Real Estate Agent! I live here, work here and play here - ask me anything!

Don't forget to stop by my Wake Forest NC Neighborhoods page for some highlights on some of the Neighborhoods in Wake Forest - I am continually updating the neighborhoods and if you don't see a specific one listed just send me an email and I'll get the information to you!

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Amy Shair

Cary Apex Durham NC Referrals - eXp Realty - Duke University, NC

Award-Winning Agent 25+ Years

Great reminder Leesa! I would add that buyers should call the HOA or the management company and verify what is covered. The seller answers that disclosure to the best of their knowledge but sometimes do not fully explain what is included such as a pool key fee for the community pool or what is considered exterior maintenance.

Nov 17, 2011 05:21 AM

Tom Branch

RE/MAX Dallas Suburbs - Plano, TX

Broker, CDPE, SFR, ACRE, Plano TX Ambassador

In Texas we use an addendum that allows the buyer to review the CC&Rs after executing a contract and to cancel for any reason.

Tom

Nov 17, 2011 10:14 AM

Leesa Finley

RED Properties - Wake Forest, NC

RED Properties - Raleigh NC Real Estate

Completely agree, Amy! I have seen too many times a buyer get to the closing table before they EVER see the covenants, etc......Sad, sad, sad!

Nov 17, 2011 10:49 AM

It's interesting, Tom -like I mentioned above to Amy I have seen buyers get to the actual closing without ever having seen the Covenants etc. Our addendum, like Amy mentioned, is filled out to the best of the sellers ability - it needs to be researched further before signing off on it.

Nov 17, 2011 10:51 AM

Michelle Gibson

Hansen Real Estate Group Inc. - Wellington, FL

REALTOR

Leesa - Great advice for homebuyers interested in purchasing a home that has a HOA. BTW I wish we had a HOA disclosure it would make my life a lot easier.

Nov 17, 2011 03:01 PM

It can get really confusing for a buyer and hidden surprises certainly can pop up if they don't do their research first!

Nov 18, 2011 12:20 AM

Thinking About Buying A Home Within an HOA? Be Sure To Do Your Homework!

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