Before buying a condo, what you need to know?



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Before buying a condo, what you need to know?

If you have planned to live in gated communities or condos, you need to pay the homeowners association fees and follow the HOA laws established by the HOA Board of directors. There are both merits and demerits associated with living in the communities governed by the Home Owners Association.

The fee paid by the residents is usually used for the general maintenance of the community. In case if you find out that the given money is not being wisely used in the interest of the residents, you can hire a HOA lawyer that can file legal action against the HOA community.

How do HOA works?

HOA is a driving authority that enforces the infrastructural guidelines, manages the common areas and prohibits the homeowners from doing any illegal activities. HOA bodies generally exist in the apartments, condominium buildings, and gated neighborhoods and are funded by the residents of that particular building or community.

The board of directors oversees the operations of the HOA. The rules established by the board of directors are judicially enforceable. They maintain the budget of the community and also organize regular meetings to discuss certain issues concerning the community.

HOA can also increase the rate of the property as they ensure complete maintenance of the area. The buildings that are visually appealing and have well-maintained infrastructure will obviously have more property values as compared to other communities that are dilapidated and are not maintained since decades.

What to know about HOA being a homeowner?

While looking for a home, if you encounter HOA, you must take advice from your real estate agent regarding that. You can attend the HOA meeting to get a brief overview that how HOA works and what are the community dynamics. Usually, good HOAs are democratic and act in the best interest of the homeowners.

There are certain difficult restrictions enforced by the HOA such as those concerning the pets, exterior paints, etc. Sometimes the HOA can also prohibit you from renting out your property. So just make sure that you can compromise with all this in order to avoid any conflicts later on.

According to the Condo Association laws, HOAs can file a lawsuit against those who do not pay or follow the rules laid down by HOA. The action taken by the HOA may include a warning or forcing the homeowner to foreclose. Nevertheless, the homeowners also have the rights to take action against HOA in case of any unprofessional or illegal dispute within the community.

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Through a free, no-obligation consultation, you can discuss your legal concerns with a partner of our firm. We look forward to answering your questions and seeing how we can meet your legal needs.
Call 954-476-2680 or contact us online today.