Buying a Condominium in Salt Lake?
Looking at buying a Townhome or Condominium in Salt Lake? Are you ready to live by a set of rules set by your neighbors or a management company and approved by a local board?
If you're not familiar with living in a home in a managed community (“managed” as in overseen by a homeowner association or HOA), you might not understand that you will be required to surrender some of your rights. You may not even know that you will be expected to agree to a package of HOA ( Home Owners Association) documents. You probably have no idea what will be included in the package of HOA documents you’ll be receiving.
However, you had better start to understand that you will be expected to read and understand every word before you fully commit to the purchase.
Since these documents address the way ALL owners, their guests, and if allowed, renters, will conduct themselves, HOA docs are not easy reading. They’ve been prepared by lawyers, for lawyers so naturally they are filled with legalese. Understanding and accepting those restrictions on personal behavior is critical to the future enjoyment of your new home.
Here are links to properties for sale in Salt Lake that will be governed by a Home Owners Association.
Owning a townhome or condo in a common interest community (CIC), offers freedom from some of the day-to-day responsibilities of homeownership, such as landscape maintenance, snow removal, exterior repairs and maintenance. On the flipside, the restrictions under which these features are made possible aren’t encountered by homeowners that live outside of a CIC.
The HOA is comprised of all of the homeowners in the community and its governing body is the board of directors ― typically a group of homeowners elected by the entire association. It is these folks that, among other duties, ensure the CIC’s rules and regulations, as laid out in the governing documents, are enforced.
Rules and Regulations
While the documents included for review and approval cover a variety of issues, pay close attention to the pages that restrict how you can use your new home. Let’s take a look at some of the more common rules and regulations you’ll find with homeownership in a CIC:
Purchasing a Home in a Common Interest Community
Soon after your offer is accepted, the HOA will send all the legally required disclosures and documents for your perusal. You will be given time to review the documents and cancel the purchase without penalty should you not like what you read.
If you decide to continue with the purchase it will be assumed by all parties that you read and understood every single word in the documents. This limits your remedies down the line should you discover a restriction you can’t live with.
Yes, the HOA documents are boring and yes, they may be challenging to interpret. To be absolutely sure you can live within the restrictions, have a real estate attorney review the documents and explain anything you don’t understand.
No matter how much you love that amazing Salt Lake townhome or condo, it’s not worth purchasing if the regulations impact your lifestyle and restrict your freedom.
At Group1 we have many years experience evaluating Home Owner Associations & the CC & Rs that go with them.
We would be happy to help you evaluate what they could mean to your lifestyle. Call me Gordon Sloan 801-567-0946.
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