What must Sellers of condos and properties with homeowners associations disclose (and Buyers know) before – rather than after – the closing?
Sellers of condos and properties like homes in subdivisions that require membership in a homeowner’s association should provide Buyers with a copy of the association’s formal legal documents, usually filed with the State. These include the DECLARATION, BY-LAWS, and RULES & REGULATIONS of the association. The Seller should also provide the Buyer with a copy of the most recent ANNUAL BUDGET. Buyers must know of any monthly or annual dues, assessments, scheduled expenses or contingency funds for unexpected expenses, like snow removal costs above and beyond budgeted amounts. All of this information can also be obtained through the Seller’s Realtor.
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