Buying A Home? Why should you read those HOA documents

In Delaware, every community that charges more than $500 a year in an HOA fee or a Condo fee is required to produce very detailed documentation. By law this stack of documents must be given to you for your review and acceptance. If you are buying an existing home, the seller is required to pay for a complete, current set of documents and deliver them to you or your agent. If you do not receive these documents prior to agreeing to purchase the home, the seller is still obligated to provide them to you and give you 5 days to review and accept them. If you object to anything contained in them you may nullify the contract and receive a full refund of all monies you have paid into escrow.

What if you are buying a new home?

The builder/developer is now the seller and is required to provide you with the same complete documentation for your approval and acceptance. The documents can be delivered electronically, on a CD or in hard copy but however and whenever you receive them, you still have those 5 days to read, review and accept them. No response is generally interpreted to mean “I Accept”.

What’s in these HOA documents?

Lots of important data is in these pages and pages of documentation. So don’t let your eyes glaze over. READ THEM. You will find: Declaration and Amendments , Bylaws , Code of Regulations…

To Read the Full Article, Click Here