Someone expressed their concern to me about association fees. She was asking if their was a cap on how much they can be raised.
Each association controls these fees, therefore it is going to depend on their CC&R's and Rules and Regulations.
The good news is that our lawmakers have taken steps to protect the public before purchasing in a community that has an association which for their puposes is known as Common Interest Communities (CIC).
One of our laws for Common Interest Communities (home owner's associations) provides that a Buyer has to be provided with association information which is known as a resale packet, within the first days of an accepted offer and usually has about five days to accept or decline the material. This data includes financial statements, CC&R's, Rules and Regulations, whether there is any legal action being pursued and more. The Buyer is given enough information to make a decision as to whether the community will be right for them.
I think our lawmakers did the right thing in passing these laws. It brings accountability, checks and balances that protect us all.http://www.leg.state.nv.us/NRS/NRS-116.html
For a home search and other important links, please visit my web site at http://www.lvhms.com/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment