Profile picture for khcable

How can a buyer get info about HOA fees and policies, when looking for properties?

A person looking for an OF condo, since purchase price is the upfront component and HOA dues / policies are the remaining ongoing component how can a prospective buyer find out about the identity of the HOA, its dues, financial condition, and policies ---- in narrowing down properties?  Do HOA's have to file reports with SC in any manner?
  • April 30 2011 - Myrtle Beach
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Answers (6)

Profile picture for Carole Tyne
Here in AZ the name and number of the hoa should be found on the listing.  
  • May 22 2011
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fortunately condo bylaws are public record. some counties have them on their land records web sites, other counties you may need to do a bit of digging.

SC is an attorney state; you can ask you closing attorney to assist.

In CA where Mr Baron is located, an escrow state, I learned a long time ago not to let my clients wait for escrow to get the docs; I have the client order them directly in the beginning.
  • May 21 2011
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Profile picture for khcable

Does the Realtor's MLS access provide information about HOA fees, ie that can be sorted into result  properties?

  • May 21 2011
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Hi khcable,


HOA docs are private until you have a property into escrow - where the seller gives you the right to see them. Escrow orders them and unfortunately they usually don't come until a week before you close escrow which is way too late to be useful...so you must fight hard to get them quickly enough to review them. Most contracts "home inspection" contingency allow for document inspection until you receive them plus a few days. But still, it's not a very good process.

Your doing your due diligence on those documents is a different issue. There is very little guidance from anyone on this issue and it is complex and time consuming but you can do a great job by investing the time to learn how to do it....There is only one book that can help.  Go on amazon and query "real estate due diligence hoa" and email me for more information via my profile if you would like. Thanks!

 
  • April 30 2011
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Thanks for your question.  I would contact a local Realtor as they will not only have access to these questions but will also get you a great deal while protecting your interests.  The HOA fees should be on the MLS data sheet and you should have a time period to review the policies AFTER a fully executed Agreement.

Good luck, hope this helps.
  • April 30 2011
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In the Rocky Mountain region, professional realtors use Title Insurance companies not only for closing of escrow and insuring unclouded title, but also to provide buyers with crucial information during their due diligence period; on all transactions I am involved with, I request that the title company provide buyers with not only a preliminary title report, but also CC and R's, and HOA Budget, Minutes, and Financials which in turn gives buyers critical information about the financial strength of the HOA and the potential of immediate or future assessments. Hope this helps!
  • April 30 2011
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