"What are the key HOA documents needed for closing? To keep your closing on track, it's important for buyers and sellers to know whichHOA documents are required, and what each reveals about the community and property. 1. Covenants, conditions and restrictions (CC&Rs) 2. HOA meeting minutes Meeting minutes capture the HOA's recent discussions and decisions. Reviewing the past year can reveal: Buyers review minutes to gauge day-to-day issues and upcoming costs; sellers should be aware of any topics that might concern buyers."
"3. Financial statements and budget These documents outline how the HOA manages its money and whether it's financially stable. Key details include: How dues are allocated Current income and expenses Long-term maintenance planning Whether dues are likely to increase 4. Reserve study A reserve study estimates how much the HOA needs to fund major future repairs. Underfunded reserves may signal: 5. HOA bylaws Bylaws establish the HOA's leadership structure and voting procedures. They typically cover:"
HOA resale packages typically contain a resale certificate and governing documents that detail dues, fees, and compliance status for a specific property. Sellers are responsible for ordering and delivering governing documents so buyers can evaluate community rules, financial health, and long-term obligations. Key documents include CC&Rs, HOA meeting minutes, financial statements and budgets, reserve studies, bylaws, and rules and regulations. Meeting minutes reveal recent issues and potential upcoming costs. Financial statements and budgets show dues allocation, income, expenses, and maintenance planning. Reserve studies estimate funding needs for major repairs and signal potential special assessments if underfunded.
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