Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
There's nothing like painting yourself into a corner-
That's a little bass-ackwards-
Make offer, then get documentation. Hope you left yourself an out if you don't find the recorded documents to your liking(?)
Read the docs over closely. Very closely. If they are not to your liking do not think well once I am there, I can change them or do as I wish. If you cannot comfortably live within the docs, walk.
Read the docs over closely. Very closely. If they are not to your liking do not think well once I am there, I can change them or do as I wish. If you cannot comfortably live within the docs, walk.
Did you realtor even know they existed?
I sure will read them thru. My realtor didn't know and even said "they don't have anything formal, blah blah blah...", but I told him that there has to be docs and that my inspection period starts AFTER I get those docs. So all of a sudden, the docs appeared at midnight after offer was accepted.
Thanks to all of your wise advices
I got a 34 pg doc that seems be how the condo association was setup (there is a 3rd party trustee and the 3 unit owners are equal members). There are By-laws, how common expenses are handled (setting up monthly dues if there are foreable expenses- right now there is nothing setup as far as monthly dues and assessments). Then there are by-laws. So yeah, everything is there in writing.
Another doc is the "Master deed". It repeats a lot of the above doc plus the deed info.
Oh, and I got the "unit deed" this morning. Still have to read that one.
I sure will read them thru. My realtor didn't know and even said "they don't have anything formal, blah blah blah...", but I told him that there has to be docs and that my inspection period starts AFTER I get those docs. So all of a sudden, the docs appeared at midnight after offer was accepted.
Thanks to all of your wise advices
I got a 34 pg doc that seems be how the condo association was setup (there is a 3rd party trustee and the 3 unit owners are equal members). There are By-laws, how common expenses are handled (setting up monthly dues if there are foreable expenses- right now there is nothing setup as far as monthly dues and assessments). Then there are by-laws. So yeah, everything is there in writing.
Another doc is the "Master deed". It repeats a lot of the above doc plus the deed info.
Oh, and I got the "unit deed" this morning. Still have to read that one.
Hope all works out for you. I would fire that realtor in a flash for not knowing those things and then still downplaying them. They are the critical docs in an HOA.
Have a lawyer review tham and talk to the other 2 neighbors. Make sure that what's on paper is what happens in practice. It's only the 3 of you, so I would talk to them.
There's nothing like painting yourself into a corner-
That's a little bass-ackwards-
Make offer, then get documentation. Hope you left yourself an out if you don't find the recorded documents to your liking(?)
State laws are the same here with condo/townhome associations-you don't see the association documents until you have an accepted offer on the property. You have 10 days to inspect those documents and if they don't look good you can back out of the contract and get a refund of your earnest money.
Have a lawyer review tham and talk to the other 2 neighbors. Make sure that what's on paper is what happens in practice. It's only the 3 of you, so I would talk to them.
Great advice!
I talked to the owner in the middle unit just before making the offer. I'll go back again to talk to him and the other owner at the opposite end unit to ask about what else are being shared in terms of expenses. RE agent told me all 3 owners divide up the cost for landscaping and master insurance.
The County claims an HOA was recorded, but after asking some of the original owners, there has never been an HOA fee nor has anyone ever seen an common area of any kind.
I've tried to refinance my house twice and each time it gets hung-up in underwriting because of this non-existent HOA. How do you prove something doesn't exist?
Hmm, wonder if it be cheaper to create your own HOA, you be the only member and just charge yourself $1 a year in HOA fees. This way you as the HOA president and tell the Mortgage company your house is in good standing with the HOA. It shouldn't be any more difficult or costly then setting up your own business Limited Liability Corporation. If you can use the same name on the LLC as was recorded by the county. Actually your neighbor could benefit as well. He could join, and be able to refinance as well. Just write the bylaws that any changes to HOA rules must be approved by all HOA members.
Hmm, wonder if it be cheaper to create your own HOA, you be the only member and just charge yourself $1 a year in HOA fees. This way you as the HOA president and tell the Mortgage company your house is in good standing with the HOA. It shouldn't be any more difficult or costly then setting up your own business Limited Liability Corporation. If you can use the same name on the LLC as was recorded by the county. Actually your neighbor could benefit as well. He could join, and be able to refinance as well. Just write the bylaws that any changes to HOA rules must be approved by all HOA members.
Thanks for your response. The County has an HOA on record even though we residents have never seen one, paid fees for one, or seen any common area. It's a development of 80 twin homes. I doubt we residents (or even just myself and and my one common wall neighbor) could create another one very easily. I would love to create one to dissolve it. It's just overwhelming and time consuming. We residents are batted back and forth like a ping-pong ball between our County and our City. The city was incorporated in 1996. When my home was built, it was just part of the unincorporated area of the County.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
It shouldn't be any more difficult or costly then setting up your own business Limited Liability Corporation. If you can use the same name on the LLC as was recorded by the county. Actually your neighbor could benefit as well. He could join, and be able to refinance as well. Just write the bylaws that any changes to HOA rules must be approved by all HOA members.
