Home Buying in Portland>Question Details

Laurel, Home Buyer in Portland, OR

What are the rules governing reserve funds/HOAs for attached dwellings?

Asked by Laurel, Portland, OR Tue May 20, 2008

I'm looking for a townhouse. I've found quite a number of units ranging from duplexes to six-10 units. These units range in age from brand new to 20 years old. Quite a few boast no HOA fees. I've asked my realtor and the seller realtor about how such matters as common maintenance are handled and I hear "you just work it out with your neighbor." This makes me really nervous.

Here's my questions:

1. Do the laws governing common interest developments in Oregon not apply to townhouses/row houses/duplexes?

2. Is there some way to find out if there are provisions for common maintenance before making an offer? (Or is this something to build into contingencies on the offer?

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Answers

1
NEVER NEVER NEVER...buy in a unit where they are saying "just work it out". That is a nightmare waiting to happen. That method is old school. It does not work and financing is an issue as well.

So never ever do this. Ever.

Questions #1 and #2 are moot as you shuld not under any circumstances agree to buy such a unit. There are way too many great buys on townhomes right now and condos too. You are asking for a huge problem down the road.

Great question Laurel.

Regards;

Dirk Knudsen
Re\Max Hall of Fame
Web Reference: http://www.nwhomcenter.com
0 votes Thank Flag Link Tue May 20, 2008
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