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In some circumstances, you may come across a special assessment issue where documentation was not disclosed, was incomplete, or even inaccurate. REALTORS®, brokers, previous owners, and homeowners associations have been named in past cases in order to recover damages.
Make sure you are in compliance with a thorough document review.
As a seller (s) you are required by Civil code 4525 to provide certain disclosures to the Prospective Buyers regarding the Business operations of the Association. Your or your Agents request this disclosure from the Association in which the property is located.
The Association has 10 days excluding Sundays and legal Holidays to produce and disburse these disclosure to you or explain why they are not available.
Often the Owners are not aware of the true concept of what they are Selling. You are selling a physical home and it is attached to an Association who is responsible to maintain, preserve and enhance the properties physical exterior components.
You get an appraisal of the value of the home based on recent sales of homes in the area but not the true value based on an appraisal of the business operations which is sometimes 50% of what you are selling.
You and your Agents can markedly reduce your risk associated with the transfer of ownership of a unit or lot in a Association by ordering a Civil code compliance review.
The Buyers have a right to understand the financial health and business operations of the community in which you are considering a major investment. In essence the Value of the Home is directly related to the value of the Reserves.
If the Associations dose not disclose everything, our report will clearly and simply show you what is missing, why it's important, and what next steps support rapid resolution. Our report clearly shows which documents were provided correctly and which are missing, incomplete, or inaccurate. It also describes the importance of each infraction, so the prospective buyer can make an informed decision.
For example, if the CC&Rs are missing, our report will describe what type of information is usually included, so the prospective buyer will fully understand the ramification of not being able to review that document before the transfer of ownership. Finally, our report is not to bring the HOA into compliance, but to identify what is not in compliance to enable the HOA to work on compliance.