Q: I am considering buying a home that is in a neighborhood with a homeowners’ association. Will I get to see the “rule book" before being obligated to making the purchase?
A: If there is a homeowners’ association, part of the standard contract for this area requires a property owners’ association addendum. After the initial terms of the contract are agreed upon, prior to closing the seller must provide a current copy of the all of the association rules, as well as the financial disclosures for that neighborhood to show the current financial status and if there are any big projects (special assessments) pending, etc.
Once this disclosure packet is received by the buyers' agent, there is a three day review period for the buyer. If the buyer doesn't like something that is contained in that packet, the buyer has a right to void the contract. After three days, the contract proceeds forward.
Are you looking to start the home buying process? Email us at concierge@lizmoore.com, we'd love to help! Or, click below to download our free Home Buyer's Handbook.
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