The financial health of a Homeowners’ Association (HOA) is a critical factor when purchasing an apartment. A strong HOA ensures proper maintenance and minimizes unexpected costs. How can agents effectively inform buyers about this? Key Financial Aspects of an HOA Documents to Review How to Inform Buyers Practical Tip Encourage buyers to consider a structural…
Sometimes, an apartment is used in a way that doesn’t align with the deed of division—such as a residential unit being rented as office space. What are the consequences, and how can agents handle this? What Does the Deed of Division Say? The deed specifies which parts of the building are common and how private…
A Homeowners’ Association (HOA) plays a vital role in maintaining and managing an apartment complex. But what happens when the HOA is poorly managed? This can significantly affect an apartment’s value. What Is a Poorly Functioning HOA? An HOA is poorly managed if: Effects on Value How Can Agents Address This? Practical Tip A poorly…
Homeowners’ Associations (HOAs) must meet legal obligations regarding maintenance and financial health. As an agent or appraiser, knowing if an HOA complies is crucial, as it affects an apartment’s marketability and value. What Legal Requirements Must HOAs Meet? How to Verify Compliance Why Does This Matter? Non-compliant HOAs pose risks: Practical Tip If an HOA…
Problems within a Homeowners’ Association (HOA), such as financial shortages or conflicts, can delay or complicate the sale of an apartment. By identifying and resolving these issues early, agents can streamline the sales process. Common HOA Issues How to Identify Issues Strategies for Improvement Why Does This Matter? A well-functioning HOA boosts an apartment’s marketability…
Appraising an apartment in an older building requires extra considerations. Not only the apartment’s condition but also that of common areas and the HOA play a crucial role. Here’s what to focus on as an appraiser. Building Condition HOA Documentation Specific Considerations Practical Tips
When dealing with apartments and HOAs, model regulations often play a key role. These standard rules form the foundation for many declarations of division. But which version applies to your HOA? And what should agents know? What are model regulations? Model regulations, created by notarial organizations, provide standard rules covering: Although standardized, the deed of…
When you buy an apartment, you’re not just purchasing your unit—you’re also joining the Homeowners’ Association (HOA). The HOA manages shared spaces like roofs, staircases, and facades. What does an HOA do? Why does it matter for agents? As an agent, it’s vital to check whether the HOA is active and well-run. A poorly managed…
As a real estate agent, you’ll often deal with apartments. But did you know that buying or selling an apartment involves more than just the unit itself? That’s where apartment law comes in. What is apartment law? Apartment law grants the owner the exclusive right to use a specific part of a building, such as…
