Since the introduction of the Improved HOA Functioning Act in 2018, HOAs must meet stricter maintenance and financial reserve requirements. What does this mean for selling an apartment? What does the act entail? The act aims to improve building maintenance and promote sustainability. Key components include: Impact on Marketability What Can Agents Do? Practical Tip…
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…
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…
