Ensure your condo or townhome purchase is the right one for you!

(The following information is provided by Candy Peak, Realtor^®.)

Listed below are just some of the many important questions and homeowners association documents that are a vital part of a buyer's condominium purchase.  

Although your real estate agent can help you obtain these documents through escrow, it is strongly advisable to have these questions completely answered and all HOA documents carefully reviewed with the professional help of appropriate legal counsel, either prior to writing an offer but no later than termination of your contractual time frames.

Key Condo-buyer Questions:

1)  How much are the HOA dues? ___________

2)  How are they paid? (Monthly, quarterly, etc.)  _____________

3)  What to do they cover?

4)  Are there any problems with the building, the HOA, or the unit itself?

5)  Are there special assessments or anticipated special assessments? 

6)  Are there any citations, anticipated, settled or pending lawsuits?    

7)  Does the HOA have rules and restrictions that are in opposition to one's lifestyle?
       (Examples:  Pet restrictions, prohibition of a particular type of home business, etc.)

8)  What is the condition of the common areas, the separately owned area(s)?

9)  How well is the HOA managed?

10) How healthy are the HOA reserves?

11) How many units are owner-occupied and how many are rentals? 

12) Does the ratio of owner-occupied to rentals meet lending requirements?

13) Does the unit/building qualify for FHA/VA?  (Call Candy Peak to find out!)


The law requires that a buyer receive specific HOA documents when deciding to purchase a common interest development such as a condominium or townhouse. 

It is strongly advisable to have these HOA documents reviewed by a professional real estate attorney during your contractual time frames to protect your investment and help you make the right decision on your purchase. 

Here are some examples of the most important HOA documents you'll be reviewing:

1) Articles of Incorporation, (This document forms the association into a corporation.)
2) CC&R's:  Covenants, Conditions and Restrictions,
3) Association By-laws,
4) Association minutes of HOA meetings.,
5) The association budget and most recent financial statement(s), 
6) The association reserves and reserve study 
7) The insurance coverage for the building.

Your escrow officer will request these documents during escrow from the homeowners association or the association management company.  Your real estate agent can help you ensure that you receive them in a timely manner.

To get started with your condo or townhome purchase,
      Call Candy Peak, The Condo Specialist today!

       818-400-8485

© 2009 Candy Peak.  All Rights Reserved.  Duplication is for buyers and sellers only for their personal, non-commercial use.