Before buying an HOA you review documents/disclosures so you can make an informed decision.
California Civil Code Section 4525 requires specific important disclosures be provided to members upon request, to give to prospective buyers. Well-run HOAs should have these many disclosures readily available. Here is a checklist for buyers, sellers, and managers:
Governing documents:
CC&R’s, bylaws, rules/regulations, Articles of Incorporation (or statement of non-incorporation), and Condominium Plan or Subdivision Map (not mandatory).
Finances:
Annual Budget Report (multiple items, see Civil Code 5300).
Annual Policy Statement (multiple items, see Civil Code 5310).
Assessments: Regular, special and any schedule future assessments.
Unresolved Problems:
Delinquent assessments, unpaid fines, and unresolved violations.
Unique Issues
Disclosure if age-restricted community.
Construction defect lawsuit information regarding defects disclosed to builder and (if settled) plans to repair them.
Read more at: https://www.roattorneys.com/blog/does-your-hoa-have-these-disclosures-ready-for-buyers
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