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Selling a Home With a Condo or Homeowners Association

By
Real Estate Agent with Monument Sotheby's International Realty

As with any home sale, sellers should select an agent that is knowledgeable about their community, however, knowledge of condo and homeowners associations and community amenities is very important to a successful sale where applicable.

Buyers will likely have many questions that the listing agent should be prepared to answer prior to contract which will prevent issues mid-contract and give buyers confidence. 

Some examples of important considerations for sellers as to how the lifestyle for their home is presented with the listing are:

- How much are the fees and what services and amenities are covered by the fees?

- Parking - how many parking spaces, if applicable? Is parking assigned after settlement or does it convey as part of the deed, and if so, what parking space?

- Are there vehicle type restrictions such as commercial vehicles, RV's, boats, etc.

- Are there pet restrictions?

- Are there rental restrictions?

- Where is grilling permitted?

- What maintenance is the homeowner responsible for? Roofs? Exterior? Landscaping? Decks? Windows?

-If there is a community pavilion, fitness room, or some other amenity that has restricted access, how do potential buyers view those facilities?

-If the community is gated, how is access granted?

- Are there additional assessments and what are they for? Are there notices to owners for required owner-responsible maintenance, such as decks?

- Are there sufficient reserves, particularly important to lenders?

- Selling agent's relationship with the management company, and in many cases, the condo or homeowners association can be be very important to sellers. Listing agents will need to provide management company or homeowners association contact information. Onsite management can be an important consideration for many buyers.

- Are there financing considerations such as FHA or VA eligibility?

- What keys, fobs, gate clickers, etc should be provided to the buyers?

- If there is a pool, is it lifeguarded - very important to the community liability wise?

- In the case of attached dwellings - how is pest management handled? 

- Cable and internet - providers? Included in fees?

- Water and sewer - is it included in fees? Are there front foot fees?

- In communities with marinas, how is the marina managed? 

- Where communities are on the water, listing agents should be able to discuss generally buffer and critical area restrictions

- How is trash removal handled? Snow removal handled?

- Mail - delivered at the property, community mailboxes, or PO Box required? Mail box keys?

- Are there architectural restrictions and what is the process to request changes?

Even though resale packages get provided as part of the contract, the transaction is more likely to go smoothly with agents being knowledgeable about these issues and to be able to provide this information proactively.

 

 

I am very experienced handling properties with condominium and homeowner associations. Please contact me - (410)707-6265

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Thank you Susan for the great information in your blog today to share with us here on the Rain. Make it a terrific day! bill

Feb 20, 2023 08:55 AM
Deepak Chauhan Asso-Broker, MLO
Versailles Property - Irvine, CA
Your Solution-Oriented Realtor

Thanks for the attention to detail and a lot of good info. HOA can be a speed bump in the closing.

Feb 20, 2023 09:59 AM
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Susan ~ The HOA/Condo resale package is something that every buyer needs to look at carefully to make sure that their potential new home association doesn't rule out something important to the buyer.  You have a pretty extensive list of items covered in the package, but there is a whole lot there.

Feb 20, 2023 10:31 AM