Hopefully you have a real
estate agent representing you in the purchase. Your Realtor®
needs to ask the seller and or their agent for a copy of the CC&R,
The covenants, conditions & restrictions, are the governing
documents that dictate how the homeowners association (HOA) operates
and what rules the owners, and their tenants and guests, must obey.
These documents may also be called The bylaws, The master deed, The
house rules or another similar name.
These
documents will spell out what dues or obligations exist between the
owners of the units and the associations. Each association has a
different set of operating rules regulating things such as parking, 3
of guests permitted and how long they can stay. Also such things as
special assessments that may be required by the owners of all the
units that comprise and association. Usually special costs that may
not have funds in reserve like replacing a controlled gate access or
repaving of drive way.
So
there may be no one answering because they are not familiar with what
is in the CC&R. These are typically provided to a prospective
buyer once a property goes under contract with in a specified number
of days from the executed date of the contract. However most selling
(or listing ) agents should have this information available because
their clients have been paying the same assessment since they have
lived in the unit assuming it is a resale.
For
new construction then the builder is responsible for these documents
and the accounting of the dues. It is not common for a builder ,
especially for “pre construction”, not to have that information
defined. Crazy as it seems they wait for the project to be completed
to define those costs. A lot of people are caught off guard by
larger than expected obligations.
Hope
this helps point you I the right direction. Congratulations on your
real estate purchase I hope your transaction is a successful one.
Please
do not hesitate to contact me should you have additional questions.
Bob
Kenney, Realtor®
Reilly
Realtors
Mobile/Text: 512-922-4922
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