When Do I Get To Review HOA Rules and Regulations?
When Do I Get To Review HOA Rules and Regulations? Whether you’re buying a condo or a property within a Home Owners Association, the review process is the same. Once a contract has been ratified (accepted and signed by both parties), sellers will order HOA/Condo docs from their management company. In the contract, you’ll state whether you want a hardcopy or an electronic version and where it should be delivered. Once you receive the documents, you’ll have 3 calendar days to review them.
If you need to, you can void a contract on this contingency.
So if you’re anything at all like me, staring at a binder that big of legal documents makes your eyes roll back into your head. While I advise all of my clients to read the documents, I do know many of you have certain things you want to know about and couldn’t care less about the rest. So here’s a list of the most asked about questions when it comes to your condo docs for a CONDOMINIUM:
-Pet Restrictions, if any
-Renting Restrictions, if any
-Verify your monthly Condo dues
-Verify information (ex. square footage,parking space #, storage space #, etc.)
-Use of common areas (ex. hours of the gym, reserving the club room, etc.)
-Any special regulations (ex. things you can/can’t place on your balcony)
For a TOWNHOUSE:
Much of the same rules for a condo will apply for a TH, but here’s a few extra to pay attention to:
-Trash (is it the County or a private company…when do they pick up)
-Repair and Maintenance of Common Elements (ex. the mortar between townhouse units)
-Exterior regulations, such as the permitted color of a fence
-Guest parking (where/when/pass?)
I think that covers the high points. The rest of the 100 pages will be legal descriptions of land, budgets, etc. etc.