When dealing with apartments and Homeowners’ Associations (HOAs), two key documents often come up: the declaration of division and house rules. While both outline regulations, they serve different purposes and have different legal statuses. What is a declaration of division? The declaration is part of the deed of division and includes: This document is legally…
Deferred maintenance can be a significant issue when selling an apartment. It affects not only the property’s value but also its financing. How can you identify this as an agent, and what advice should you provide? What is deferred maintenance? Deferred maintenance refers to essential repairs or renovations needed for shared parts of a building,…
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…
