Nov. 12, 2012

Homeowner Association Summary Disclosure | Bonita Springs Real Estate

Section_720.401_Florida_Statute

Bonita Springs Real Estate Cover Your Assets

If you’re buying Bonita Springs real estate, what exactly should you, as a consumer, be entitled to or legally expecting form “the other side” when it comes to information pertaining to the homeowner association?  Here it is in a nutshell:

A selling consumer is required to be notified that a buyer consumer is going to be purchasing real estate in a homeowner association and disclose the fee obligations.  That notification comes to a consumer on the homeowner association summary disclosure.  The home owner (seller) is not required to produced the actually HOA documents (the rules).  Those documents can be obtained by asking a title agent or attorney and should also be available on the county clerk’s website.

Seems simple enough but there are agents representing clients out there who do not fully understand how important the homeowner association summary disclosure is to a home owner until it is too late.

One thing is certain, every sales contract should have a homeowner association summary disclosure accompany it.  Remember, it’s always better to over disclose … when in doubt disclose.  Here’s a little video that may help you understand why properly disclosing membership in a homeowner association is so important:

If you do not see the video about visit this link: http://youtu.be/5dHTy28WWLo

Posted in Buyer Tips, Seller Tips
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