HOA Documents & Minutes

HOA Documents & Minutes

1. Seller has 3 days after acceptance to bring in funds to Title to pay for HOA [Homeowner Association] documents that need to be provided by contract to the Buyer.

2. Some HOA documents are specifically required by Civil Code, which does not include many of the most important of the documents, including the most recent 12 months of Minutes.

3. RPA paragraph 11.L.2. lists what are the required HOA documents and Minutes.

(i) Copies of any documents required by Law;

(ii) disclosure of any pending or anticipated claim or litigation by or against the HOA;

(iii) a statement containing the location and number of designated parking and storage spaces;

(iv) Copies of the most recent 12 months of HOA minutes for regular and special meetings;

(v) the names and contact information of all HOAs governing the Property (collectively, “CI Disclosures”);

(vi) pet restrictions; and

(vii) smoking restrictions.

4. Seller shall itemize and Deliver to Buyer all CI Disclosures received from the HOA and any CI Disclosures in Seller’s possession. Usually the HOA Management company will provide an HOA Demand listing all HOA disclosures being provided.

5. HOA Documents & Minutes – Buyer shall have the right to review all applicable HOA [Homeowner Association] documents including the HOA Demand and most recent 12 months of Minutes.

6. Buyer’s approval of CI Disclosures is a contingency of this Agreement.

7. Buyer to sign on the cover pages of each major HOA section [CCRs, Articles, By-Laws, Financials, Budgets, Reserve  Study, Insurance, Rules & Regulations, etc.] and the cover page of each month’s Minutes.

8. Buyer to sign the HOA Homeowners Association Advisory.