Here is the typical process of selling your condo:
How Sellers Can Prepare in Advance:
It would be great if you can get this info so we're extra prepared and less likely HOA questions will hold up escrow:
- Name of HOA
- HOA management contact info
- HOA account statement for your unit
- Cost of transfer / process / turnaround time (for filling out HOA escrow demand and answering buyer/lender questions)
- HOA insurance COI
- How much are monthly HOA dues?
- Upcoming projects?
- HOA Financial reports for recent YTD
- HOA maintenance reports for recent YTD
- What do HOA dues cover?
- Are any utilities included in the HOA fee?
- Are there any pending assessments?
- What percentage of the units are owner occupied?
- Does any one entity own more than one unit, if so, how many units do they own?
- Are there any lawsuits pending or open against the property or the HOA management?
- How old is the roof?
- Last reserve study?
- Last termite report?
- How much does the HOA have in reserves?
- Number of units that are rentals?
- Last meeting minutes
- CC&Rs and By-Laws, Community Rules
- HOA Pet rules?
- HOA renter rules?
- HOA budget (if any)
- Any recent major works completed or repairs?
- Any other issues (neighbors, bed bugs, construction) that needs to be disclosed?
- Is the HOA current with Secretary of State?