November 20th, 2023 at 11:48 am
Answer: The answer is “Yes.” Ask your buyer to sign C.A.R.’s Buyers Homeowners’ Association Advisory (BHAA). C.A.R. released the 2-page BHAA in June 2018 to help buyers’ agents document that they have advised their buyer-clients to carefully review the HOA documents. The BHAA explains that the HOA documents address many important matters that may affect the buyer’s ownership and use of the property. Common issues that arise that are covered in HOA documents include, but are not limited to, CC&Rs, bylaws, rules and regulations, financials, reserves, HOA dues, assessments, meeting minutes, insurance, animals, rental restrictions, parking, storage, charging stations, noise, smoking, litigation, and affordable housing units.
Another good reason to have your buyers sign the BHAA is because it also explains that buyers’ agents, who may forward HOA documents to the buyer, have not verified and will not verify such documents, unless they agree to do so in writing.
-Thank you to Marilyn Simon (Pasadena Manager) for suggesting this week’s legal tip!
Like what you see here? Sign up for more! Our free e-newsletter informs you of listings in your community, insider real estate tips, the latest in home trends, and more.
