Definition
Required documentation HOAs provide detailing rules, financials, budgets, and governing documents for home sellers. These must be provided before closing.
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Resale disclosures include CC&Rs, bylaws, rules, recent meeting minutes, budgets, and assessments. Disclosures must be provided within specified timeframes (varies by state). Incomplete disclosures can delay closings. Buyers should review carefully before purchase.
Pro Tip
Thoroughly review HOA resale disclosures before buying. Identify red flags like special assessments or litigation.
Example
HOA provides resale package including CC&Rs, bylaws, last 3 years financials, and assessment notice