Buying A Home With an HOA or COA? Check out these tips first!

Are you buying a new home in California this year with an HOA (Homeowners Association)? Check out these tips first!

Hey California homebuyers, are you buying a new home this year with an HOA?

I'm Rebecca Larson with Your Home Legal, check out these tips before you buy the house. 

Whether this is your first house or your fifth house, if you're buying a home in an association or with an association, you might wonder what it is. 

An HOA is a homeowners association and a COA, or condominium owners association, are the governing bodies that make sure that the property that you're buying stays the property that you're buying. They set the rules for the members that live in that community to live by. They're also responsible for maintaining community standards, making sure that the houses look nice, the yards look nice and they take care of maybe your amenities, like a pool.

When you're in the escrow process, you'll receive a resale disclosure package from the seller. The resale disclosure package has a bunch of information about your homeowner’s association. This includes the conditions, covenants, and restrictions or the CCRs. It also includes financial information about your association.

The CCRs are really important to understand. This tells you what you're going to have to live with for the rest of the time you own that house. Your financials are even more important because that's what makes sure that your association has the money to continue maintaining the standards that you're expecting. 

You and I both know that there's a lot that goes into buying your next dream home. There's a lot of steps, there's a lot of paper, there's a lot of reading. Your HOA resale disclosure package is probably one of the largest.

So if you're buying a home with an HOA, give us a call the number below and we'll help you make sense out of that package.