Home Buying in Newark>Question Details

Maria, Home Buyer in Mountain View, CA

How often can HOA's levy special assessments on homeowners?

Asked by Maria, Mountain View, CA Mon Jul 21, 2008

I'm considering buying a place that just had a $10k special assessment. This seems like an awful lot. Can anyone shed some light on HOA's and special assessments? I'm a very nervous first time homebuyer....

Help the community by answering this question:


As part of your disclosure package for the condo you should get a budget, bylaws, and CC&R's for the condo association. This will spell out how things are done in your association. It is a thick document, and sometimes buyers don't read them. I urge you to read it all.
Also check out if there is anyone in default of the Association dues. In these hard timer, that is becoming more of a problem. If there are a lot of people in default, there may not be enough money coming in to run the place.
Remember, once you buy the condo, you become a voting member of the association. If you want to be in control of all that happens, like special assessments, be an active, voting member. So many condo owners do not involve themselves in the running of a development, one active member can sometimes be very affective.
Read all your documents.
Good Luck
0 votes Thank Flag Link Mon Jul 21, 2008
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