Owner’s Association

During: Buying Process Overview: Contract to Close: Owner’s Association

Contract to Close

The following is a visual representation of the Owner’s Association process when buying homes as a Nomad. It is part of the Contact to Close process that you’d use once you are under contract to buy a property.

contract-to-close-owners-association

  1. Complete "Contract To Close" checklist
  2. Class Watch "Contract to Close" Recording of Live Class
    Watch the recording of the live presentation of "Contract to Close" available on:

    https://RealEstateFinancialPlanner.com/contract-to-close/

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  3. Complete "Contract To Close: General" checklist
  4. Complete "Contract To Close: Title" checklist
  5. Complete "Contract To Close: Owner’s Association" checklist
  6. Complete "Contract To Close: Seller's Property Disclosure" checklist
    Complete the "Contract To Close: Seller's Property Disclosure" checklist:

    https://RealEstateFinancialPlanner.com/sellers-property-disclosure/

    Since the "Seller's Property Disclosure" is often provided even before we write the offer, it is not uncommon that we use "Completed" for the date of this deadline. However, if we have not received the "Seller's Property Disclosure" prior to writing the offer, we often use "MEC + 3 Days" so that you can ideally get a copy of the "Seller's Property Disclosure" prior to your inspection.

    This is especially important since there is not an objection for the "Seller's Property Disclosure"; you'd need to object based on your inspection if you found something at the property that you learned about via the "Seller's Property Disclosure".

    Contract Deadline: Seller's Property Disclosure DeadlineContract To CloseContract To Close: Seller's Property DisclosureSellers Property DisclosureUltimate Nomad ChecklistWeek 13

  7. Complete "Contract To Close: Loan and Credit" checklist
  8. Complete "Contract To Close: Appraisal" checklist
  9. Complete "Contract To Close: Survey" checklist
  10. Complete "Contract To Close: Inspection and Due Diligence" checklist
  11. Complete "Contract To Close: Closing and Possession" checklist

Contract to Close:
Owner’s Association

And, here is the visual representation of the Owner’s Association process.

owners-association-nothing-selected

Complete "Contract To Close: Owner’s Association" checklist

Contract To CloseContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Complete "Association Documents Deadline" checklist

Complete the "Association Documents Deadline" checklist:

https://RealEstateFinancialPlanner.com/association-documents-deadline/

We often use "MEC + 7 Days" for this deadline in the "Contract to Buy and Sell Real Estate" to give the Seller time to get you copies of the HOA documents.

Contract Deadline: Association Documents DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Complete "Association Documents Objection Deadline" checklist

Complete the "Association Documents Objection Deadline" checklist:

https://RealEstateFinancialPlanner.com/association-documents-objection-deadline/

We often use "MEC + 14 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

Contract Deadline: Association Documents Objection DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

Let’s look at each step in more detail.

Association Documents Deadline

owners-association-association-documents-deadline

The Association Documents Deadline is the deadline for having association documents delivered.

  1. Complete "Association Documents Deadline" checklist
    Complete the "Association Documents Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-deadline/

    We often use "MEC + 7 Days" for this deadline in the "Contract to Buy and Sell Real Estate" to give the Seller time to get you copies of the HOA documents.

    Contract Deadline: Association Documents DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

  2. Receive a copy of the HOA documents
    The Seller (and their Real Estate Broker) should provide you a copy of the HOA documents by the Association Documents Deadline.

    As soon as your Real Estate Broker receives them from the Seller's Real Estate Broker, they will typically forward them to you to review.

    Contract Deadline: Association Documents DeadlineUltimate Nomad ChecklistWeek 13

  3. Save HOA documents to Dropbox
    Once you receive the HOA documents, save a copy of them to your property folder in Dropbox.

    Contract Deadline: Association Documents DeadlineUltimate Nomad ChecklistWeek 13

Association Documents Objection Deadline

owners-association-association-documents-objection-deadline

The Association Documents Objection Deadline is the deadline for the Buyer to object based on association documents matters.

  1. Complete "Association Documents Objection Deadline" checklist
    Complete the "Association Documents Objection Deadline" checklist:

    https://RealEstateFinancialPlanner.com/association-documents-objection-deadline/

    We often use "MEC + 14 Days" for this deadline in the "Contract to Buy and Sell Real Estate".

    Contract Deadline: Association Documents Objection DeadlineContract To Close: Owner's AssociationUltimate Nomad ChecklistWeek 13

  2. Review HOA documents
    Review the HOA documents sent over by the Seller.

    Highlight any sections you have questions about and write your questions in the margin. You can talk to the HOA directly with questions and/or your Attorney for advice.

    If you're OK with the HOA documents, there is nothing to do. If you're not OK with the HOA documents, you can terminate the contract prior to the Association Documents Objection Deadline.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  3. Ask Attorney any questions about HOA documents
    If you have questions about any of your HOA documents and how it might impact your ability to use the property in the way you desire, you should talk to your Attorney to get legal advice and clarification.

    IMPORTANT NOTE: Your Real Estate Broker is not trained on how to read and interpret HOA documents and is not competent to be able to give you advice on them.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  4. IF ASSOCIATION DOCS UNSATISFACTORY: Tell your Real Estate Broker you'd like to terminate
    If the something in the association documents is unsatisfactory to you, you have up until the Association Documents Objection Deadline to terminate the "Contract to Buy and Sell Real Estate" and get your Earnest Money back.

    If something is unsatisfactory, tell your Real Estate Broker right away to give them time to prepare your "Notice to Terminate" and "Earnest Money Release" and send them over for you to sign via DocuSign.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  5. IF ASSOCIATION DOCS UNSATISFACTORY: REAL ESTATE BROKER: Prepare "Notice To Terminate" and "Earnest Money Release"
    If the something in the association documents is unsatisfactory to you, you have up until the Association Documents Objection Deadline to terminate the "Contract to Buy and Sell Real Estate" and get your Earnest Money back.

    If something is unsatisfactory, your Real Estate Broker will prepare your "Notice to Terminate" and "Earnest Money Release" and send them over for you to sign via DocuSign.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  6. IF ASSOCIATION DOCS UNSATISFACTORY: Sign "Notice To Terminate" and "Earnest Money Release" via DocuSign
    Once your Real Estate Broker has sent you the "Notice To Terminate" and "Earnest Money Release" via DocuSign, sign it before the Association Documents Objection Deadline to protect your Earnest Money.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

  7. IF ASSOCIATION DOCS UNSATISFACTORY: Save "Notice To Terminate" and "Earnest Money Release" to Dropbox
    Once you've signed the "Notice To Terminate" and "Earnest Money Release" via DocuSign and received a copy back, save a copy to your property folder in Dropbox.

    Once you get them back signed from the Seller you'll replace your copies in Dropbox with the fully executed versions.

    Contract Deadline: Association Documents Objection DeadlineUltimate Nomad ChecklistWeek 13

See the Seller’s Property Disclosure group of Dates and Deadlines.

IMPORTANT NOTE: This checklist is based on what I personally use with clients in Northern Colorado and is based on the Colorado Real Estate Commission approved Contract to Buy and Sell Real Estate. Please rely on your local real estate agent for how it works in your local real estate market. This process will definitely vary in different States.

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