Do you own a home or a condo, like it or not you may be part of an association.

Q. What is a “Homeowner’s Association” or a “Condo Association”? What does it mean to a buyer?

A. Some new subdivisions and Planned Unit Developments have a Homeowners Association and all Condominiums and “Condex’s” have Condominium Associations. You will find it referred to in the deed you received when you purchased the premise. When you purchase this property, like it or not, you are automatically a member of their Association, as are all homeowners in the development. It is not a choice, you cannot opt out.  Sometimes, not always, there are annual dues involved.

An association is meant to help the neighborhood maintain its value by putting restrictions on future looks and function. Some rules may be fairly general, but often they are very detailed. Be sure you understand the documents as some Homeowners Associations can have power over many aspects of daily life.

However, should you find yourself in a dispute with a neighbor, you may find your association to be a godsend!  They have authority over anyone violating the rules and will often mediate such disputes.

You might want to consider becoming an active member of this group, as they have authority over modifying the rules.

My suggestion would be to make your Purchase & Sale Agreement subject to your Attorneys review of any covenants, conditions or restrictions pertaining to the property you are purchasing.  You would be well advised to have a clear understanding of these documents before entering into a contract.

 

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Published in: on October 26, 2010 at 10:48 am  Leave a Comment  

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