When thinking about buying a condo or property within a homeowners association, many people want to know at what point they’ll get to review Condo or Homeowners Association Bylaws and other pertinent information to the community. So here’s a detailed list of what you can expect to receive in the resale package and when.
What: You’ll receive a copy of the resale statement, financials, budget, bylaws, inspection of the unit against association violations, rules pertaining to renting your unit, pet restrictions, number of occupant restrictions, use of the unit, etc. There will be a slew of information provided to you. You’ll want to review all of it, but start with the big items of concern and then read the rest (ie. do you want a pig as pet? Check to see if the association allows animals other than cats and/or dogs. Do you plan to rent out your unit? Check to see if there’s a restriction on how soon or how long you can rent the unit before you must occupy.)
When: You can expect the seller to provide you a copy of everything at some point from contract to close. Most will not order the updated documents until they have a ratified contract and then the management company usually takes 10-14 days to get it all together. You’ll have the opportunity to specify whether you want a hardcopy or electronic copy (I recommend hardcopy, which is not eco friendly, but once you see how many pages the packet is…you’ll see why it’s hard to read that on the computer). How you specify delivery will determine when you can decide to void or move forward.
When Can We Void: The contract says you have until 9pm of the 3rd day after delivery (for both electronic or hand-delivered hardcopy) to void the contract. So if you get a copy on Monday, you’ll have until 9pm on Thursday to review. If the package is mailed to you, you have until 9pm on the 6th day from the postmarked date. You will have to sign a receipt form and date it so all parties are working from the same day.
Get Out of Jail Free: Although not something that’s spoken of frequently, it does give some peace of mind to buyers. The Condo/HOA Documents are your “get out of jail free” card. You can void for any reason on these within your 3 day review period. However…
If you have questions that remain unanswered after your 9pm deadline, all parties can agree to extend the review period until information has been satisfactorily provided to the purchaser. Nobody wants a deal to fall apart because you had 1 question the management company still hasn’t answered. Most parties will work to get you the answers so everyone can move forward.
More questions? Just ask.