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 November 21, 2007

Buyers of Condominiums Should Research Before They Buy
To avoid any unhappy surprises after they purchase, it is recommended that prospective buyers take a very close look at the Home Owners Association's rules and finances first.
HOA documents can contain important information which could include everything from what hours the laundry room is open to the explanation of major construction plans or any pending law suits. Prospective buyers should know that if after having read these documents, they do not like what they see, the law states that they can walk away from the deal.

When reading through Home Owner's Association documents, buyers should keep the following questions in mind:

1. Is the HOA charging residents enough monthly fees in order to pay expenses without going into debt?

2. Does the HOA show a record of special assessments that could be a sign of poor financial management?

3. Does the HOA have enough funds in reserve? Buyers should compare the current budget with their reserve study.

4. Be sure to reads minutes form board meetings. These can give buyers a perspective into how happy other residents are with the HOA.

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