14 May 2015

Condo Governing Documents: Why You Need to Read Them!

Posted by Orlando HOA Services

DOCSPeople buy their condos because they love the neighborhood, amenities, layout, and price. They forget one important factor: they are about to embark on a real estate investment with anywhere from 3 to 300 partners, all of whom are complete strangers.

Now I love owning a condo. I call it home ownership with training wheels. The association handles all of the exterior work; I take care of the inside of my house. There are a lot of things I just don’t have to do.

But like any business venture, you have to exercise due diligence. Would you invest in any business without checking out the management, looking at the books, and seeing the profit forecast? Of course not. So why would you not check out your Homeowner Association before making one of the largest investments of your life? Usually, it’s because most people don’t know how to find this information. That’s what I’m going to tell you about. A well-run homeowner association will have monthly financial reports and yearly reserve reports. All owners have the right to request them, and by law, they are required to be available to any owner or potential buyer.

In the next few blogs, I’m going to go over those documents, tell you what they are, and what they mean.

Do you need an expert? Orlando HOA Services can help your HOA stay fiscally healthy through sound financial management. Check out our webpage and blog at www.Orlando-HOA.com.

For great information on Davis Stirling law, check out www.davis-stirling.com

Next Up: Financial Documents 5/15/15

 

 


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