My husband and I are hours away from going under contract on a new construction Townhouse in Independence (Winter Garden FL). If anyone out there is a current owner in the community, what is your impression of the HOA? I'm also hoping to have the tax info provided by Lennar confirmed by a resident. Thanks!
In addition to the Price of a condo or townhouse purchase there are many things you should be aware of prior to your purchase offer and signing your sales contract. 1 Make sure you are given a copy of the CCRs as well as the by-laws. Make sure you read these two documents. (If they are not available then you should not sign any sales contract until you actually have a copy of these two documents in your hand. A condition of your sales contract should be that you read and approve the CCR and by-laws. Failure to read these two documents have caused condo owners more headaches than can be told here. Once you have accepted the condo and signed the sales contract it is too late if you find something you might object to in one or both these documents. #2 How much are the condo association fees and what might cause them to be increased When was the last time the condo fees were raised and for what reason. How much of a reserve do the association have if any? #3 When will the developer allow the owners to become members of the association? #4 Have the developers selected a management company. Check their track record out by getting their address and telephone number. This is the company that will be handling and allocating funds for your common areas, pool, property county taxes, landscape maintenance, as well as the ability to raise your association fees. #5 You would want to know if there are current law suits against the condo association or if a condo resident is suing the condo association. #6 You would want to know if more than one person own more than 10% of the condo units. Owing more than 10% of the complex would give one owner too much power and the ability to control the association and management company. I hope this has been of some benefit to you, good luck. FIGHT ON
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