The seller must disclose all material facts that affect the value of the property in writing, nothing is verbal if you meant that literally. These material facts are delivered to the buyer's agent as it's received,or directly to the buyer if no buyer's agent is used. Some agents will just give all of this paperwork to their buyers to read. Good agents will want to go through all of it with their buyers to be sure they understand it. Not all buyers want to, not all need that, but most do. If there are still questions, and there might be, it's up to the buyer to do his due diligence to get them answered to his satisfaction, and hopefully most agents will help with that whenever they can, and if it's within their expected scope of knowledge. The more agents help, the more knowledge they have going forward. In any case, buyers MUST read all of the disclosures and satisfy themselves. Many buyers don't read any of the disclosures!
If you used an agent, ask which disclosures to look at... If you didn't use an agent, you should try looking at, and I mean really reading, the HOA documents and the preliminary title report for HOA information. Some of the seller-prepared disclosures may have something too (ours do here in San Diego).
Good luck to you,
Cory La Scala, REALTOR
Lic # 01443391
Two quick things that may help:
1. As part of the purchase the seller is supposed to pay for the buyer to receive a copy of the HOA documents, which will include current financial statements.
2. Beyond the seller, the existence of the HOA will be noted in the preliminary title report.
It should not matter to you if the seller is behind in their HOA dues, if that is what you mean in your question. You are only responsible for the dues once you take title to the home.
If you have more questions, call the management company for the HOA.
Best of luck to you,
Mark & Kari Shea
Shea Real Estate
National Association of Realtors
CA DRE License 01713506
Sellers will disclose to the buyer all known facts about the condo. Also, once the buyer is in escrow, the HOA sends to the buyer the HOA documents, including assessments, last 12 months of meetings, & Rules & Regulations and Articles of Incorporation, and more. During your contingency period you will be able to go over those documents to determine if you are satisfied.
For any other questions, please call me.
Coldwell Banker La Jolla
930 Prospect St.
La Jolla, CA 9203
858 395 7727
The Realtor should be sharing all the details of the home with the buyer - HOA, Mello Roos, any special assignments, etc... because this is vital information and the buyer should know everything in order to make an informed decision.
If the fees are behind, that information would probably be revealed in escrow when they pull the title report. However, the homeowner/seller should have shared the information in the transfer disclosure statement or even in the listing agreement. Is the house a short sale? Many homeowners who are struggling with their payments chose to not pay their HOA and get behind .
Are you looking at a specific home in 92130 and do you have the address, so I can do the research for you.
Also another helpful tool for buyers is a property profile which will show area information, neighbors and data about the house including HOA information - but it is general info.
In California, the Seller's are responsible to disclose all known material facts about the home to the Buyer's. This includes all HOA fees current & passed due and the fact that the home is located within an HOA. Good luck to you.
All these agents are correct. Seller has the responsibility to disclose all known facts. And, within the contract, the HOA is notified of the potential new buyer and will deliver to escrow all the documents they hold and deliver them to the buyer for their review. Within those documents you will see past due HOA dues, fees and penalties.
For further information, please call me directly.
930 Prospect St.
La Jolla, CA 92037
(858) 395 7727
California BRE# 01021435
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