There are essentially five Homeowner’s Association documents that you should be familiar with when looking to buy and finance a home. They are 1) the Articles of Incorporation which details information about the HOA such as name, location and purpose 2) the Bylaws which set out the technical rules and procedures for voting, election of directors and term limits 3) CC&R’s or the Covenants, Conditions, and Restrictions which contain the rights and responsibilities of the HOA to the homeowners and information about property use and architectural restrictions and maintenance standards 4) Rules and Regulations which detail how the CC&Rs are interpreted and implemented and 5) Financial statements including the balance sheet, income statement, statement of cash flows, general ledger and accounts payable reports. I’m Stewart Brown, a licensed Mortgage Loan Originator in Palm Springs, California here to simply topics in Real Estate and Mortgage Lending. Please, like, share, follow and subscribe!
