Is your new home in a development with a home owners association or a condominium owners association? You may be wondering whether you’ll agree with the rules and regulations of the association and whether you’ll want to live in that community as a result. Never fear- in the DMV were required to have an association document review period that also allows you through right to void the contract if you disagree with the rules and regulations.
The seller’s agent will request the HOA or condo documents and give them to us so you
can review them. In each state- and depending on whether the home is existing or new construction- there is a different requirement on how many days you have to review the documents and retain your option to void. At the end of your review period, somewhere between 3-14 days, you are able to either void the contract or move forward. If you want to void, let us know preferably 24 hours in advance of your deadline and we’ll prepare the documents for you to sign to exit the transaction and retain your earnest money deposit. If you want to move forward with the deal, we won’t need to take any action and the review period simply passes. If you have any questions about your HOA or condo documents, you can always ask us or the condo association management to get answers.
It can be tricky to determine if the association you’re considering has any rules you should be wary of, or if the financial documents look normal for the size of the community, or if there looks to be enough reserves in the association bank account. Let us walk you through the process and put our experience to work for you. Contact Team Thiel for a personalized consultation.