5,583,278
how can a buyer make a decision without having all of the information????? at least provide the rules and regulations.... and disclose any special assessments that are being charged now and/or soon to be charged... have a copy of the budget available, too...
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Eve Alexander
Tampa, FL
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Tony and Suzanne Marri...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Kathleen Daniels, Prob...
San Jose, CA
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Lyn Sims
Schaumburg, IL
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Fred Griffin Florida R...
Tallahassee, FL
1,052,211
Depends on how sensitive . . . I personally would not want to waste my/client's time on a deal that can't go through because of HOA problems, so I would put all I can out there for review by a buyer's broker, and as same, hope for the seller's broker to make my life easy so I like them!
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Eve Alexander
Tampa, FL
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Candice A. Donofrio
Fort Mohave, AZ
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Fred Griffin Florida R...
Tallahassee, FL
5,049,033
It's typically different here in SoCal than in NorCal as Kathleen Daniels described. HOA docs are normally ordered by the escrow company once you are in escrow, although nothing says they can't be paid for and ordered before then.
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Hella Mitschke Rothwell
Honolulu, HI
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Dorie Dillard Austin TX
Austin, TX
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
3,345,091
Absolutely 100% yes. Too many agents put a condo on the market and have not yet even ordered the HOA docs. That just causes delays in the escrow process ... especially in my market when contingency time frames are cut so short.
I always get an HOA Document review from a professional third party.
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Eve Alexander
Tampa, FL
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
2,684,009
Florida Statutes mandate a 15 day review period for new development, and a 3-day review period for resales. Most contracts stretch out the resale period to 10 or 15 days.
The Statutes also mandate what documents must be provided. The contingency period begins when ALL required docs are delivered to the Buyer.
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
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Mary Yonkers
Erie, PA
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Silvia Dukes PA, Broke...
Spring Hill, FL
921,504
Condo docs, disclosure, application, financial....
all those things that can determine if physical property is a 'fit' for the buyer should be made available to the buyer agent via attached documents in the MLS.
No rent or lease or visitors not accompanied by owner for two years after purchase is a common show stopper.
The real problem is many buyer agents are reading challenged meaning the listing agent must "TELL THEM ANYWAY"
However, buyer and their agent are not ENTITLED to these document until of offer has been made.
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Peter Mohylsky, Beach ...
Miramar Beach, FL
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Joseph Domino 480-390-...
Scottsdale, AZ
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Candice A. Donofrio
Fort Mohave, AZ
130,857
In my market... until recent... is was very uncommon to get the full set of condo docs before an offer. I really think it is much better to get everything on a PDF.. and put it out there in "advance" of an offer.
I think the resistance to not share the docs in advance, had a lot to do with the fact that there was typically only 1 set of "paper" docs, they are not cheap, and was a bit of a risk and inconvenient to pass them around. BUT, they are coming out more and more as PDF's.. which makes it much better an easier to share them upfront.
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
7,836,129
Follow the rules of your state and the terms of the contract.
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Peter Testa
Danbury, CT
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,712,676
I think that is prudent.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
5,229,945
Absolutely, without fail, Praful!
Why waste anyone's time - buyers or sellers - if there is something concerning to the buyers in the HOA docs?
Going under Contract before knowing what you're getting into and then not being happy with it, opens up a whole can of worms that I don't want my buyers or sellers to have to deal with.
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Anthony Acosta - ALLAT...
Atlanta, GA
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Peter Testa
Danbury, CT
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Richard Bazinet /MBA, ...
Scottsdale, AZ
3,988,007
Yes if asked, absolutely. The buyer's agent should see that it happens.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
1,231,853
Check your state laws for new, converted, or resale condo documents.
PA has specific days for each type.
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
2,220,323
When working with a buyer and they decide to mover forward, I normally email the listing agent and request all disclosures if they are not in MLS so the buyer can review prior to placing a written offer.
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Anthony Acosta - ALLAT...
Atlanta, GA
1,543,634
I try to get the condo sellers to order the documents pre-MLS as they won't expire in general. The problem is DOM and any relevant changes during DOM for the meeting minutes, budget and legal...but in a fast market as we've had, less a concern. I'll bet habit has more to do with it than anything.
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Debe Maxwell, CRS
Charlotte, NC
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Nina Hollander, Broker
Charlotte, NC
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Gloria Valvasori, Accr...
Mississauga, ON
1,844,271
I always have. Better they know the rules ahead of time in my book. Now with PDF's I send them everywhere.
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Mary Yonkers
Erie, PA
6,393,154
529,983
My standards:
1.Don't take the listing until you have all of the condo docs. (I've had sellers try to negotiate the condo doc fee with me, expecting me to pay it, while we were negotiating a deal.)
2. Attach as many docs as possible to the listing in MLS. Otherwise, you're inundated with emails from agents requesting these docs. That way, the agents can just pull them when their buyers want them.
3. Be sure the offer states a distinct timeframe for buyer review of condo docs so the transaction doesn't wait on that step.
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Debe Maxwell, CRS
Charlotte, NC
5,104,931
I advise my buyers to ask to review documents before making an offer.
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Peter Testa
Danbury, CT
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Richard Bazinet /MBA, ...
Scottsdale, AZ
2,390,595
Here in ND condo records are public information and available anytime at the court house Praful Thakkar .
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
577,750
We always allow a Condition in the Agreement of Purchsae and Sale for the Buyer's lawyer to review the Status Certificate (Estoppel). I also add that any special assesments levied are the responsibility of the Seller, up to and including the day of closing.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
711,852
I think there is no absolute on this question, Will. As long as there is a contingency in the deal that the purchase by the buyer of the property is contingent upon review and acceptance of the documents, all parties are protected that full disclosure has occurred.
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Debe Maxwell, CRS
Charlotte, NC
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Mary Yonkers
Erie, PA
5,216,387
Depends on how your contracts reads. In Florida, as Fred Griffin described, a buyer has time after acceptance. In some cases, disclosure of certain facts up front could save a lot of time.
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Debe Maxwell, CRS
Charlotte, NC
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Bob "RealMan" Timm
Minot, ND
758,035
Here in CT the attorney always orders them & it's usually done after contracts are signed. I have had to order them on an REO property. I would also wait til after contracts are signed because there is a cost, several hundreds of dollars usually & they don't transfer to the next buyer. IF the seller has a copy (seldom happens) then it'd be nice to provide them BUT they may have since been AMENDED, making them obsolete. So, no, never upfront- I just let them know the cost & what they cover.
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Debe Maxwell, CRS
Charlotte, NC
716,049
Yes, why not. Share and disclose everything upfront, that would be full disclosure, and if the buyer sticks then you got a solid one. What's a sensitive document?
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Debe Maxwell, CRS
Charlotte, NC
4,800,082
If they have them online or in digital format. Not the hard copies.
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Debe Maxwell, CRS
Charlotte, NC
4,882,355
3,071,489
4,434,127
5,005,603
We are the same as Jeff Dowler ..title company orders them when your under contract and then buyer reviews..can always opt out. The buyer could order them ahead of time and pay for them before making an offer.
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Debe Maxwell, CRS
Charlotte, NC
5,772,575
1,197,072
I provide the condo doc's to a potential buyer at the first opportunity but I have been doing business here long enough to answer most questions that might pop up. I have never seen an issue about the doc's that have derailed a deal. The major issues that need to be explained are the rental policies and the pet policies. All is white wash and looks the same.
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Debe Maxwell, CRS
Charlotte, NC
544,014
2,182,502
I have , but our state law gives them time to withdraw prior to receipt or 5 days after receiving them
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Debe Maxwell, CRS
Charlotte, NC
2,781,163
I dont see why not. However, players get special treatment. Are they players?
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Debe Maxwell, CRS
Charlotte, NC
1,502,998
Out here they aren't even ordered until the house goes into escrow, so the answer is no. Rarely the seller may have a set ahead of time and then they would be provided to the buyer by escrow during the disclosure process. Having the documents provided prior to showing/writing an offer is not something that happens out here with very rare exceptions. If it did, they would be attached to the MLS.
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Debe Maxwell, CRS
Charlotte, NC
1,622,432
We do not, but we do disclosure in agent private remarks if there are any assessments, dues increase, or lawsuits.
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Mary Yonkers
Erie, PA
809,258
Prior is good. Buyer should have all info possible. Why waste everyones time with terminations during due diligence when it could have been avoided before offer? -K
509,449
I don't see why not. Typically in Dallas Metro the HOA document is ordered by the title company, though.
3,416,038
2,115
On my last condo purchase, had significant trouble receiving condos DOCS at all, it often felt like the listing agent was trying to kill the deal. Had I demanded the DOCS prior to going under contract, likely the deal would have never went togther.
3,986,258
900,128
Check the laws in your state. I could see how a prospective buyer would want to review the condo situation before committing, but offers are subject to review of the documents, so probably not obligatory to release prior unless agreed to by all parties and confidentiality agreements are signed.