Do your due diligence! Call and ask the HOA or HOA management company questions. Keep these questions in mind:
- Have there been any special assessments before? Get the details and ask if there is discussion about having another one.
- Have there been any lawsuits or are any expected? Check court records.
- How many insurance claims has the HOA had?
- If roofs are an HOA responsibility, are there plans to transfer the burden to the owner? How many roof repairs have there been in the last couple years?
- Are there plans to change the HOA’s covenants, conditions, and restrictions?
- Have there been any repairs from extensive water or termite damage in the last couple years?
Then review the HOA’s covenants, rules, meeting minutes, violation policy, collection policy, and other aspects.
Buyers need to be involved and concerned with the HOA business that they are becoming a part of before closing — and they need to stay involved after closing.
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