Want to learn a few tips from an HOA Attorney? About St George Utah real estate HOA’s? Well I have them right here!

FOR BUYERS

1. GET A COPY OF GOVERNING DOCUMENTS.
2. GET A COPY OF FINANCIALS, MINUTES AND RESERVE STUDY. IS THE HOA COVERING ALL OPERATING EXPENSES? IS THE HOA PUTTING MONEY INTO RESERVES?
3. DETERMINE WHO IS RESPONSIBLE FOR HOA MANAGEMENT. DO YOU HAVE REASON TO BELIEVE THEY WILL DO A GOOD JOB? IS THE CORRECT MANAGEMENT COMPANY UPDATED ON UTAH’S HOA REGISTRY?
4. DOES THE ASSOCIATION HAVE A WEBSITE? IS IT UPDATED?
5. GO TO AN HOA MEETING NNA SEE HOW IT IS CONDUCTED.LARGE ATTENDANCE MAY BE A BAD SIGN SINCE IT MIGHT INDICATE BAD MANAGEMENT AND UNHAPPY HOMEOWNERS.
6. FIND OUT WHAT PERCENTAGE OF UNITS ARE RENTED OUT.
7. DETERMINE WHETHER HOA HAS BEEN OR CURRENTLY INVOLVED IN LITIGATION. WHEN WILL IT BE RESOLVED? WILL IT AFFECT FINANCING? HAVE THE ISSUES IDENTIFIED IN THE LAWSUIT, SUCH AS CONSTRUCTION DEFECTS, BEEN RESOLVED?
8. DOES THE CONDOMINIUM HAVE FHA APPROVAL? FOR THE CONDOMINIUMS THAT DON’T HAVE FHA APPROVAL WILL THAT AFFECT THE ABILITY TO SELL THE PROPERTY IN THE FUTURE? GOOGLE “FHA CONDOMINIUMS” TO FIND OUT AND IDENTIFY WHICH CONDOMINIUMS HAVE CURRENT FHA APPROVAL.
9. RESEARCH WHETHER THERE ARE ANY TRANSFER OR REINVESTMENT FEES.
10. AFTER PURCHASING, MAKE SURE THE MANAGEMENT COMPANY HAS YOUR CONTACT INFORMATION AND KNOWS WHERE TO SEND BILLS AND NOTICES.

FOR SELLERS

1. HAVE THE FULL SET OF REPC-REQUIRED DOCUMENTS READY TO GIVE TO A BUYER PRIOR TO PUTTING THE HOUSE OR CONDO UP FOR SALE. INCLUDING CCR’S, RULES AND REGULATIONS, MOST RECENT MINUTES, BUDGET, AND FINANCIAL REPORT.
2. HAVE ADDITIONAL DOCUMENTS READY TO GIVE TO BUYERS. SUCH AS BYLAWS, ARTICLES OF INCORPORATION, HISTORICAL MINUTES AND FINANCIALS, RESERVE STUDY, INSURANCE CERTIFICATE AND DOCUMENTS FROM LITIGATION, INCLUDING EXPERT REPORTS.
3. BE PREPARED TO PROVIDE ADDITIONAL DISCLOSURES ABOUT THE COMMUNITY. AS IN REINVESTMENT FEES, DEFECTS IN THE NUNIT OR COMMUNITY, UPCOMING ASSESSMENTS OR DUES CHANGES.

I want to thank Tyler Lamar, attorney for this valuable and important information. Now as your Realtor whether it be representing you as a buyer or seller I help guide you through the HOA quagmire!

Call me today so I can give you a private tour and show you the inside of all the homes for sale that meet your criteria in Washington County in less than two hours! I can show you any home for sale in the St George area listed by any company anywhere in the city. Then you don’t have to keep searching for open houses on the weekend. We can go anytime you want. Let’s get you out there.

Contact me and I can help get you fully qualified because when you find that perfect home in southern Utah you will want to be ready to write the offer on your new home. You do not want to lose your dream home because someone had a strong qualification letter from their lender showing that they are capable of purchasing the home. Contact me and I can help direct you to the lender that will do the best job for your particular situation.