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Condos and townhouses
December 03,2021 | Posted By Flavia Brown in Real Estate
TO CONDO AND TOWNHOUSE OWNERS, AND PROSPECTIVE BUYERS:
For the past 17 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 getting the highest price possible for the sellers whom I represent, I know all HOA rules and regulations, 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.
TWENTY REQUIRED ITEMS SELLER MUST PROVIDE TO BUYER: Per California real estate law, 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&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 BUYER NEEDS 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.
Any questions? Just call, text, or email me. No obligation or cost, of course.
Realty One Group United
Hermosa Beach and Torrance offices
310-702-6335 (cell/text –partner/assistant)
(1st page reads how I provide exemplary service to buyers and sellers).
P.S. For helpful information on several subjects visit homesbyflavia.com, click "Blog" and scroll.
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