Disclosure document for new buyers & bylaws

Started by ChristieW • 7 replies • 2494 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

ChristieW (Michigan)
Posts: 3

Posted:

We are a very small association in Michigan of 31 homes. We now have 5 foreclosures in here and are looking for anyone who has a template of a disclosure document that states that the new buyer has read & reviewed a copy of our bylaws docs. We have the bylaw docs, but no document that shows that the buyer has read/reviewed/agreed to our bylaws. When the 1st wave of buyers came in here, we all had to sign a document like this....but we have no master copy & want to provide one when we send our bylaw docs!

Can anyone help us with this?

Christie

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Easiest way?

Grab your copy.
use whiteout.
photocopy.
done.

BarbaraD6 (Florida)
Posts: 347

Posted:

It is stated in our documents that if you live here you have agreed to all the rules.

Barbara

GlenL (Ohio)
Posts: 5,491

Posted:

Christie, FL has a disclosure form which must be given to all purchasers in a HOA you might use that for a template and add the part about obeying the rules. Getting a new buyer to sign it is another matter.

DISCLOSURE SUMMARY FOR (NAME OF COMMUNITY)

1. AS A PURCHASER OF PROPERTY IN THIS COMMUNITY, YOU WILL BE OBLIGATED TO BE A MEMBER OF A HOMEOWNERS' ASSOCIATION.

2. THERE HAVE BEEN OR WILL BE RECORDED RESTRICTIVE COVENANTS GOVERNING THE USE AND OCCUPANCY OF PROPERTIES IN THIS COMMUNITY.

3. YOU WILL BE OBLIGATED TO PAY ASSESSMENTS TO THE ASSOCIATION. ASSESSMENTS MAY BE SUBJECT TO PERIODIC CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $_____ PER _____. YOU WILL ALSO BE OBLIGATED TO PAY ANY SPECIAL ASSESSMENTS IMPOSED BY THE ASSOCIATION. SUCH SPECIAL ASSESSMENTS MAY BE SUBJECT TO CHANGE. IF APPLICABLE, THE CURRENT AMOUNT IS $_____ PER _____.

4. YOU MAY BE OBLIGATED TO PAY SPECIAL ASSESSMENTS TO THE RESPECTIVE MUNICIPALITY, COUNTY, OR SPECIAL DISTRICT. ALL ASSESSMENTS ARE SUBJECT TO PERIODIC CHANGE.

5. YOUR FAILURE TO PAY SPECIAL ASSESSMENTS OR ASSESSMENTS LEVIED BY A MANDATORY HOMEOWNERS' ASSOCIATION COULD RESULT IN A LIEN ON YOUR PROPERTY.

6. THERE MAY BE AN OBLIGATION TO PAY RENT OR LAND USE FEES FOR RECREATIONAL OR OTHER COMMONLY USED FACILITIES AS AN OBLIGATION OF MEMBERSHIP IN THE HOMEOWNERS' ASSOCIATION. IF APPLICABLE, THE CURRENT AMOUNT IS $_____ PER _____.

7. THE DEVELOPER MAY HAVE THE RIGHT TO AMEND THE RESTRICTIVE COVENANTS WITHOUT THE APPROVAL OF THE ASSOCIATION MEMBERSHIP OR THE APPROVAL OF THE PARCEL OWNERS.

8. THE STATEMENTS CONTAINED IN THIS DISCLOSURE FORM ARE ONLY SUMMARY IN NATURE, AND, AS A PROSPECTIVE PURCHASER, YOU SHOULD REFER TO THE COVENANTS AND THE ASSOCIATION GOVERNING DOCUMENTS BEFORE PURCHASING PROPERTY.

9. THESE DOCUMENTS ARE EITHER MATTERS OF PUBLIC RECORD AND CAN BE OBTAINED FROM THE RECORD OFFICE IN THE COUNTY WHERE THE PROPERTY IS LOCATED, OR ARE NOT RECORDED AND CAN BE OBTAINED FROM THE DEVELOPER.

DATE:

PURCHASER:

PURCHASER:

Studies show that 5 out of 4 people have problems with fractions

GloriaM (North Carolina)
Posts: 829

Posted:

Barbara is correct, most CCR's state that assessments are mandated and no Owner may exempt themselves from paying. Once you purchase into the Association you are an automatic Member.

ChristieW (Michigan)
Posts: 3

Posted:

Thank You Everyone for the response! I pulled my copy which is not near as thorough as what Barbara provided. So....we are going with her format of disclosure statement and I added #10, which states that the purchaser has received a copy and accepts the bylaw documents!

This was a big help everyone. Thanks again.

Christie

RichardP13 (California)
Posts: 1,767

Posted:

Quote:

Posted By ChristieW on 07/28/2010 6:03 AM
Thank You Everyone for the response! I pulled my copy which is not near as thorough as what Barbara provided. So....we are going with her format of disclosure statement and I added #10, which states that the purchaser has received a copy and accepts the bylaw documents!

This was a big help everyone. Thanks again.

Christie

Christie,

My suggestion is you substitute CCR's for Bylaws as the CCR's are this is the document that gives the BOD authority to create the Rules and Regulations that you want your residents to abide by. All information that pertains to what changes can or cannot be made to ones' residences, assessments, etc..basically the law of the Association will be found in the CCR's. The Bylaws are a set of instructions on how the organization (HOA) is run by its Board of Directors and Officers.

MaryA1 (Arizona)
Posts: 7,043

Posted:

Christie,

A potential buyer should recieve all gov docs, i.e., coventants, bylaws, rules & regs, architectural guidelines, articles of inc., etc. This is what most states that have disclosure statutes require and, IMO, what a potential buyer should be entitled to receive. It's no skin off your nose to provide all this info.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here