13 Sep What documents you receive when buying a property with an HOA, and how long do you have to review them?
What documents you receive when buying a property with an HOA, and how long do you have to review them?
Buyers looking to purchase a townhome or condo or even single family home with a home owners association (HOA) have rights in the state of Minnesota. Every buyer in Minnesota has the right to review the by-laws, covenants, budget and financial statement to determine if the home owners association is well run, fiscally responsible and the rules and regulation match your needs and life style.
Another important consideration in reviewing the document is whether a special assessment is coming, since no one likes unexpected costs.
This review process is ten days by law; and if, after you have reviewed it and before the 10-day period you don’t want to still purchase the home, you then can cancel the purchase and get your full earnest money refunded. This is only for properties with an HOA in Minnesota, but it gives you peace of you’ll will be able to review all the documents, have your questions asked, consult with an attorney if you wish and make an informed decision.
If you would like more information about HOA’s just reach out to The Anderson Team.