HOA Question (disclosure, documents, agent, fees)

[fay111]

We recently purchased a home in an HOA community. We requested a copy of their most recent financials, and were told that we can only get them when we have closed on the house (we are under attorney review). I thought this was extremely odd - would like to be sure they are well financed before going further. Has anyone run into this situation? I was under the impression that we should check out the HOA finances before closing the deal.

[rjrcm]

That is odd. Does your contract have an HOA addendum spelling out what you should receive prior to closing? In AZ, we also have state laws requiring financial disclosure to the buyer. What does your agent say?

[fay111]

Our agent is trying to get it through other sources. I'm going to contact our attorney tomorrow.

[2bindenver]

Ask the seller to provide HOA info for you.

[rubytue]

In Virginia its mandatory to get a 3-day review of the docs, including financials.

[Tish Thompson]

I'm in Virginia too...to piggy back on what Rubytue said, your three day review is BEFORE closing, not after. If the HOA pulled that stunt here, there would be hell to pay if the purchaser made a big deal about not being allowed to review the docs before closing.

[annerk]

2bindenver2bindenver got it right, ask the seller to provide them. The HOA is not obligated to give them to anyone who is not an owner. Until you close you are not an owner. They are not "public" documents.

[Silverfall]

We are the same way out here as 2b said. Sellers provide all of those documents to the buyer. HOA's don't give them out...sellers do.

[novahousehunter]

Another Virginian . . .
So does that mean that in other states you don't know the HOA rules/fees until after you close?
Presumably they are pretty standard, but still it seems scary to have to agree to rules/fees without knowing what they are.

[fay111]

Spoke to our attorney today and he is arranging for us to get them through the sellers. Thanks for the responses.