JohnD14 (New York)
Posts: 10
Posts: 10
Posted:
On July 1, 2008, a new change in the VA POA act allows for the HOA or PM to provide the seller with an electronic version of the resale package, unless the seller appears in person at the PM's office and request a hard copy. My question is this... Has anyone in VA or other states gone digital with the HOA Docs/Resale Package?
I'm very curious if anyone else has gone digital and started issuing electronic version of the docs. Many questions come to mind that probably only PM's can answer,...
IE - 1. Is it very expensive to have this professionally scanned?
2. Can any part of it be OCR'd instead of scanned?
3. Do the components of the package change too often so that this would just
be too difficult to modify or keep updated?
4. Is more trouble than it's worth?
5. Is there a cost savings?
6. The law says that you cannot charge more for the electronic version. Can
you or would you want to charge less? Currently the charge is $250.
The new law also says "If the seller does not request a particular method of transmission, the management company or association may choose the method, but must comply with any in-person requests of the seller at the management company or associationʼs principal place of business to provide a hard copy of the packet."
Here's what it says about charging for the electronic form.
In addition to changes relating to who may receive the packet, House Bill 516 also elaborates on the methods of transmitting the packet by providing detailed requirements relating to electronic transmission. Section 55-509.5(C) provides that the seller or authorized agent may request the management company or association to provide the disclosure packet in hard copy or in electronic form. If the seller does not request a particular method of transmission, the management company or association may choose the method, but must comply with any in-person requests of the seller at the management company or associationʼs principal place of business toprovide a hard copy of the packet. The management company or association cannot charge a seller an extra fee to use its electronic network or system if the seller requests an electronic transmission. In addition, the seller may designate: (1) in condominiums, up to two additional recipients; but (2) for property owners associations, one additional recipient, to receive the electronic disclosure packet at no charge.
I'm very curious if anyone else has gone digital and started issuing electronic version of the docs. Many questions come to mind that probably only PM's can answer,...
IE - 1. Is it very expensive to have this professionally scanned?
2. Can any part of it be OCR'd instead of scanned?
3. Do the components of the package change too often so that this would just
be too difficult to modify or keep updated?
4. Is more trouble than it's worth?
5. Is there a cost savings?
6. The law says that you cannot charge more for the electronic version. Can
you or would you want to charge less? Currently the charge is $250.
The new law also says "If the seller does not request a particular method of transmission, the management company or association may choose the method, but must comply with any in-person requests of the seller at the management company or associationʼs principal place of business to provide a hard copy of the packet."
Here's what it says about charging for the electronic form.
In addition to changes relating to who may receive the packet, House Bill 516 also elaborates on the methods of transmitting the packet by providing detailed requirements relating to electronic transmission. Section 55-509.5(C) provides that the seller or authorized agent may request the management company or association to provide the disclosure packet in hard copy or in electronic form. If the seller does not request a particular method of transmission, the management company or association may choose the method, but must comply with any in-person requests of the seller at the management company or associationʼs principal place of business toprovide a hard copy of the packet. The management company or association cannot charge a seller an extra fee to use its electronic network or system if the seller requests an electronic transmission. In addition, the seller may designate: (1) in condominiums, up to two additional recipients; but (2) for property owners associations, one additional recipient, to receive the electronic disclosure packet at no charge.