Let’s go over what you need to know about living in an HOA.
Are you considering purchasing or selling a townhome that falls under the jurisdiction of a homeowners association (HOA)? Today, let’s delve into the crucial aspects of HOAs, specifically as they relate to townhomes.
For prospective buyers, navigating an HOA community requires a thorough understanding of the associated rules and regulations. A pivotal document in this process is the resale disclosure certificate. It is the seller’s responsibility to get this paperwork filled out by an association lien holder from the HOA management business and give it to the buyer.
Minnesota law grants buyers ten days to scrutinize documents such as rules and regulations, bylaws, covenants, declarations, budgets, financials, and meeting minutes. It’s imperative for buyers to use this timeframe wisely, as they cannot be compelled to waive this right. This period offers a crucial opportunity to uncover any potential oversights within these documents.
Association living presents both advantages and disadvantages, making it essential for buyers to be well-informed. External maintenance is often covered but not always, so attention to detail is key. While MLS listings generally outline what the association covers, nuances such as specific details about windows, roofs, or snow removal may require careful examination.
“Whether you're a buyer or a seller, understanding the intricacies of homeowner associations is vital.”
Pet owners should be particularly diligent, considering potential restrictions on the number, weight, or breed of pets. Similarly, rules regarding parking, including restrictions on campers, boats, and work vehicles, should be thoroughly understood. Rental requirements can vary, with some associations imposing waiting periods for renting out properties.
As a seller, it’s crucial to understand your responsibilities in providing the resale disclosure package. Agents can guide you through the process, but the onus is on you to disclose relevant information. For buyers, taking the time to ask questions and seek clarification is paramount. While communicating with the seller is an option, reaching out directly to the association ensures accurate information, avoiding potential inaccuracies provided unintentionally by the seller.
If you’re currently living in an association and considering selling, or if you’re a prospective buyer, our experienced team can provide guidance tailored to your specific needs. Feel free to reach out with any questions, and let us assist you in navigating the complexities of townhome living within an association.
