Know your HOAReal Estate BlogsUpdated on Jul 29, 2010 View more like this | Visit CHARLOTTE, NC | Contact Verus Delta |
Know your HOA!
I am the president of the Home Owners Association in my community. It’s a thankless job that takes hours of my time each week… from dealing with angry homeowners about pet poo and illegally parked cars, to neighbors leaving beach towels on their front porch! I think I’ve heard enough to make me want to move to a remote pasture and live alone. However, it has been a real learning experience. It has taught me a great deal and I use that knowledge to help my clients when buying homes that have an active HOA.
There seems to be a lot of confusion and assumptions on what HOA’s are responsible for… particularly in communities that have condos and townhomes (a.k.a. PUD’s.) Typically, the CC&R’s of a HOA will say that the association is responsible for maintenance and upkeep of common grounds and exterior walls, roofs, etc. As far as insurance, there may or may not be a master policy that covers catastrophic events such as fire, wind, hail and flood. Insurance in particular, seems to be an area of confusion. In fact, I have experienced some property management companies that are uncertain as to what HOA policies cover and what they don’t.
If you have a client that is buying in a condo or townhome community, I would encourage you double and triple check the CC&R’s to see what is actually covered and what is not. Honestly, I was surprised by what I read in the bylaws of my community.
The terms “Condominium” and “PUD” define the ownership rights the home buyer will receive in the unit and the interest they will acquire in the common or community property or common areas of the development. Regardless of structure, it’s in the buyer’s best interest if they are made aware of the community restrictions and duties outlined in the CC&Rs, before the close of escrow. Knowing the nuances will help the buyer be a smarter condo owner.
Lake Wylie, Tega Cay, Fort Mill, Charlotte, – NC/SC Mark McClaskey is a licensed real estate broker and Realtor in NC/SC affiliated with Wilkinson and Associates.
Mark McClaskey 704.604.5952 = cell 704.504.5900 = office
www.verusdelta.com
I am the president of the Home Owners Association in my community. It’s a thankless job that takes hours of my time each week… from dealing with angry homeowners about pet poo and illegally parked cars, to neighbors leaving beach towels on their front porch! I think I’ve heard enough to make me want to move to a remote pasture and live alone. However, it has been a real learning experience. It has taught me a great deal and I use that knowledge to help my clients when buying homes that have an active HOA.
There seems to be a lot of confusion and assumptions on what HOA’s are responsible for… particularly in communities that have condos and townhomes (a.k.a. PUD’s.) Typically, the CC&R’s of a HOA will say that the association is responsible for maintenance and upkeep of common grounds and exterior walls, roofs, etc. As far as insurance, there may or may not be a master policy that covers catastrophic events such as fire, wind, hail and flood. Insurance in particular, seems to be an area of confusion. In fact, I have experienced some property management companies that are uncertain as to what HOA policies cover and what they don’t.
If you have a client that is buying in a condo or townhome community, I would encourage you double and triple check the CC&R’s to see what is actually covered and what is not. Honestly, I was surprised by what I read in the bylaws of my community.
The terms “Condominium” and “PUD” define the ownership rights the home buyer will receive in the unit and the interest they will acquire in the common or community property or common areas of the development. Regardless of structure, it’s in the buyer’s best interest if they are made aware of the community restrictions and duties outlined in the CC&Rs, before the close of escrow. Knowing the nuances will help the buyer be a smarter condo owner.
Lake Wylie, Tega Cay, Fort Mill, Charlotte, – NC/SC Mark McClaskey is a licensed real estate broker and Realtor in NC/SC affiliated with Wilkinson and Associates.
Mark McClaskey 704.604.5952 = cell 704.504.5900 = office
www.verusdelta.com
