![]() (In rare instances, HOAs are unincorporated. The articles are drawn up before a single unit in the HOA is sold. ![]() It’s usually little more than the name of the association, its geographic location, its status as a nonprofit, and the names of the first agents in charge of the HOA at its inception. The articles of incorporation are a simple record of the establishment of the HOA. So let’s dive into these HOA agreements and see what they dictate! Source: (Stephen Goldberg / Unsplash) Articles of incorporation And then typically it will state that the attorney review or the review period is not over until the buyer has had a minimum of, let’s say, three business days to review those documents and approve them.” Marshiano tells us, “If you’re using a normal real estate board contract, it will be in there, that the seller is obligated to provide these documents. “You don’t want to get into a situation where you’re like, ‘I want to get out of this,’ and it’s too late.”įor this reason, most states require the HOA to provide its agreement to prospective buyers. Does the buyer have a pet? Kids? An outdoor grill? There might be something in these documents that places limits on everyday life. “I know not gonna read every page,” he admits, but he will make sure a buyer is aware of some common topics. Johnson tells us, “If there’s anything legal in nature, of course, we’re always just saying, hey … Might want to consult an attorney over this.”Īnthony Marshiano, a Chicago real estate lawyer, acknowledges that the documents are lengthy and not necessarily page-turners. An experienced real estate agent will insist that you take a fine-toothed comb to the HOA agreements and enlist the help of a lawyer for trickier legal issues that might be lurking there. ![]() That said, you do need to make yourself aware of these documents before you make an offer. … For the most part, people appreciate HOAs.” … If can just start dumping their trash wherever, and building whatever they want to on their property, well, property values are probably gonna go down. An HOA “helps ensure pride of ownership is going on in that community. Does Johnson think HOAs are good for homeowners? Texas real estate agent Jo Anne Johnson has 14 years of selling experience, which have made her an expert in HOA documents, and how they affect prospective buyers. If you buy a home that’s part of an HOA, you automatically become a member of that HOA, protected by its policies and bound by its governing documents. Declaration of covenants, conditions, and restrictions (CC&Rs).These rules are outlined in the HOA agreements. In addition, they abide by common rules governing the use of shared spaces (like gyms, lobbies, and golf courses) as well as many aesthetic requirements (like exterior paint color, lawn growth, and how big a dog you’re allowed to have). Members contribute monthly dues (often called “assessments”) to go toward repairs and maintenance of their community. As of 2021, 58% of homeowners are HOA members. Not all properties are part of an HOA, but a growing number are. When you buy a home, there’s a good chance you’ll become a brand-new member of a Homeowner’s Association (“HOA” for short.).Īn HOA is a group of homeowners in a designated real estate development.
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