Another of the tasks that must be completed during this middle phase of your transaction relates to any Homeowner’s Association documents, Condo Association documents, or neighborhood covenants. One of the conditions in the Purchase Agreement will define a timeline for this. It is often something like this: the Seller has 7 days to provide the documents to the Buyer, then the Buyer has 7 days to review the documents, then 7 days to notify the Seller if there is anything in those documents that makes the Buyer unwilling to proceed.
Neighborhoods and Condos Have Rules – Be Sure You Can Live With Them NOW!
Reading these documents and responding within whatever deadlines have been established is key because if there IS anything in the Covenants or Association regulations that surprises the buyer (and was not previously disclosed) this is your only opportunity to step out of the transaction without penalty.
HOA Covenants or Condo Association Documents will define for you what actions are not permitted by agreement in the area you intend to live. Can you have livestock? Can you put up a fence and if so, what kind of fences are allowed and what kinds are not allowed? If you are buying a condo, do you understand what is covered in your condo fees versus what items are your responsibility? Read these! And if you have questions, we will have a short span of time to get more information before you agree.
If you don’t read the documents, or don’t ask your questions or request clarifications within the allotted time, you can still ask, but you have agreed to the terms of the HOA or Condo Association by default. It would be a great idea to print these documents out and keep a copy of them in your records related to your new home. These documents will also tell you how to contact the management group or HOA leadership team.
Can I find these Docs On-Line Before I Put in an Offer?
There are website resources that keep copies of HOA and Condo covenants, if you’d like to read about the restrictions for a neighborhood you are considering before you make an offer, I can work to get you documents ahead of time. Get in touch if you’d like to talk more about this or any other issue related to buying a home: