Tag Archives: disclosure

Why Do I Have To Pay For A Resale Package?

Why Do I Have To Pay For A Resale Package?

We have many homeowners who think that because they pay assessments every month they should not have to pay for a resale package. They are of the opinion that it is a bunch of pages all put together that just sits and waits for us to “push the button” when they place their order.

I would like to clarify why it is essential that management companies prepare these documents individually for each owner. First, it is a legal document required by law in many states as it protects the buyer from purchasing into a community association without first obtaining “full disclosure”. It contains a disclosure statement that includes the legal or pending legal status of litigation involving the association. It contains up-to-the-minute information about the assessments owed, outstanding special assessments and even pending assessments as required in many states. It provides the association’s financial status and any outstanding loans owed by the association. It also provides any covenants restrictions or violations on the unit. All of these questions are answered and are entered in real time by a staff member when the order is placed. The document is not static; it requires keen oversight as the questions are researched and completed.

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NC Law affects foreclosures

Michael HunterThe N.C. General Assembly recently passed, and the governor signed, House Bill 165. The final bill is a stripped-down version of the original bill, which would have placed enormous administrative burdens on volunteer HOA boards and their managers.

Two sections of the bill will change how HOAs (both condominiums and planned…

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N.C. Legislature Adopts Changes to HOA Statutes

As many of you know, the House Select Committee on Homeowners Associations introduced a far-reaching 14-page bill in the 2011 legislative session which would have made sweeping changes for all condominium and planned community associations in North Carolina, affecting a wide variety of areas from assessment collection to record keeping. Through active lobbying efforts and significant opposition to this proposed legislation, House Bill 165 was dramatically scaled back from its original proposal, and the amended bill was enacted by the legislature and signed into law by Governor Perdue on June 27, 2011.

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N.C. Legislature Adopts Changes to HOA Statutes

As many of you know, the House Select Committee on Homeowners Associations introduced a far-reaching 14-page bill in the 2011 legislative session which would have made sweeping changes for all condominium and planned community associations in North Carolina, affecting a wide variety of areas from assessment collection to record keeping. Through active lobbying efforts and significant opposition to this proposed legislation, House Bill 165 was dramatically scaled back from its original proposal, and the amended bill was enacted by the legislature and signed into law by Governor Perdue on June 27, 2011.

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