HOA Docs before escrow

[SmellsFeeshy]

I’m considering making an offer on a condo and emailed the property management company asking for a copy of the CC&Rs and financial statements. They told me that I couldn’t receive this info until I had a property in escrow and that I had to pay a fee for them.

Is this common practice? If so, would I be able to ask the selling agent to get this info before I make an offer? Obviously if anything in these reports is a deal breaker I don’t want to waste my time making an offer on a place.

Thanks!

[sdrealtor]

The managment companies typically charge 250 to 500 for a complete set of those documents and you need to pay upfront to get them.

[SmellsFeeshy]

[quote=sdrealtor]The managment companies typically charge 250 to 500 for a complete set of those documents and you need to pay upfront to get them.[/quote]

Wow, that seems pretty steep. I was expecting they could just email me the documents in PDF format. So there’s no way I can see them for free beforehand? I was planning on checking on this for each condo complex that I am interested in.

[clearfund]

You “…don’t want to waste my time making an offer on a place.” but you want to waste you time reading 200 pages of docs/financials of a condo complex before even knowing if you can get a unit under contract at a decent price?

Get it under contract and title will email it to you during escrow for free. No charge if you cancel during your inspection period.

[SmellsFeeshy]

[quote=clearfund]You “…don’t want to waste my time making an offer on a place.” but you want to waste you time reading 200 pages of docs/financials of a condo complex before even knowing if you can get a unit under contract at a decent price?

Get it under contract and title will email it to you during escrow for free. No charge if you cancel during your inspection period.[/quote]

I see what you’re saying but I kind of see it as a chicken and egg problem. No point in trying to get a unit under contract if the docs are a deal breaker, and also vice versa. I guess it just depends on what would take less time to negotiate first, the offer or the docs.

Even if it’s a 200 page document I would assume that the part I’m mostly interested in — whether the HOA has appropriate funding, special assessments coming up, and what I can/can’t do to my unit shouldn’t require reading all 200 pages (at least not word for word).

[Coronita]

[quote=SmellsFeeshy][quote=clearfund]You “…don’t want to waste my time making an offer on a place.” but you want to waste you time reading 200 pages of docs/financials of a condo complex before even knowing if you can get a unit under contract at a decent price?

Get it under contract and title will email it to you during escrow for free. No charge if you cancel during your inspection period.[/quote]

I see what you’re saying but I kind of see it as a chicken and egg problem. No point in trying to get a unit under contract if the docs are a deal breaker, and also vice versa. I guess it just depends on what would take less time to negotiate first, the offer or the docs.

Even if it’s a 200 page document I would assume that the part I’m mostly interested in — whether the HOA has appropriate funding, special assessments coming up, and what I can/can’t do to my unit shouldn’t require reading all 200 pages (at least not word for word).[/quote]

What is the issue getting something under contract first? Doesn’t cost you anything.

[sdrealtor]

Just an FYI. Someone is paying for the docs when you get them. If you want them before writing an offer you have to pay them which is why its virtually underheard of to get them before writing an offer. Once you get it under contract, the seller pays.

[moneymaker]

I would have to say deal breaker already. that is why I won’t buy a condo. Had a similar situation with a management company who wanted me to sign a contract. So I requested that they send me a copy so that I could look it over. It was all in their favor hence not legally enforceable, but the gall just made me want to puke, so told them I would not be signing. They wanted contract back I said “no”, they did nothing, I mean what could they do they gave it to me.

[SmellsFeeshy]

[quote=sdrealtor]Just an FYI. Someone is paying for the docs when you get them. If you want them before writing an offer you have to pay them which is why its virtually underheard of to get them before writing an offer. Once you get it under contract, the seller pays.[/quote]

I see, I guess if that’s the norm then I’ll just submit my offer and request them then. Thanks for the help!

[sdrealtor]

You are welcome and yes that is the way it works.

[earlyretirement]

Yep. Just the way it works. I kind of understand the rationale behind it. Imagine if everyone considering a property requested it. It would cause some extra work for them I guess.

But I guess they could just upload it to a DropBox account in PDF format and just give the link out so people could download it.

I tried getting the HOA and CC&R’s before I was buying but none would provide them before escrow. But I thought that was fair. Especially here in California where you get several days to pretty much back out for whatever reason.

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