Condo/townhouse information worth reading!
March 04,2020 | Posted By Flavia Brown in Real Estate
TO CONDO AND TOWNHOUSE OWNERS, AND PROSPECTIVE BUYERS:
Valuable information. For the past 15 years I have specialized in condos and townhouses. There is much more to buying and selling these properties than buying and selling a single-family residence (SFR). In addition to knowing how to get the lowest price for my buyers and attaining the highest price possible for the sellers whom I represent, I know all HOA rules and regulations, laws and rules from the Davis-Stirling Act, FHA requirements, FHA single-unit or spot approval, where the best condos and townhouses are located, the pros and cons of buying a condo, things to be aware of and avoid (like litigation, special assessments, etc.), and much more. It is important for both sellers and buyers to know what documents and items the seller is required to provide the buyer. Please read the following paragraphs:
TWENTY REQUIRED ITEMS SELLER MUST PROVIDE TO BUYER: Per California real estate law (Dept. of Real Estate), the seller must provide to the buyer all applicable disclosures (the most important is the Transfer Disclosure Statement or TDS), Natural Hazard Disclosure or NHD, lead-based paint disclosure, water heater bracing, smoke detector and carbon monoxide disclosure, any insurance claims during the past five years, insurability of the property, copies of any and all HOA documents (CC and Rs, bylaws, etc.), disclosure of any pending or anticipated litigation by or against the HOA, the most recent 12 months of HOA minutes for regular or special meetings, the names and contact information of all HOAs governing the Property (HOA officers and management company), private transfer fees, pet restrictions, smoking restrictions, assigned parking spaces, financials, details of the reserves account, Articles of Incorporation, any pending or anticipated special assessments, and anything the seller is aware of that adversely affects the value or desirability of the Property. All these items are required for units in active HOAs, and several items are required for non-HOA units.
FOUR ITEMS BUYERS NEED WHEN PRESENTING AN OFFER: 1) Earnest money deposit, 2) Lender’s pre-approval letter (unless an all-cash offer), 3) Proof of funds to cover down payment and closing costs, 4) Letter from buyer’s agent to listing agent to introduce the buyer -- to verify buyer’s creditworthiness, and to emphasize the buyer’s desire to purchase the property. For details, read HOW TO MAKE AN OFFER THE RIGHT WAY at homesbyflavia.com. Click on "Blog."
Any questions? Just call, text, or email me. No obligation, of course.
Realty One Group United
Hermosa Beach and Torrance offices
310-702-6335 (cell/text –partner/assistant)
homesbyflavia.com (1st page reads how I provide exemplary service to buyers/sellers.
P.S. Check my blog to read important information for current or future homebuyers and sellers. Like what Realtors must know, sellers should become familiar with what buyers do and need to know, and vice versa. Therefore, click on “Blog” to read a few more beneficial posts. Additional articles are at “More” on my website.
Note: If you are currently represented by another broker, disregard this letter.
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