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The Contract of Purchase clearly states that your property is/is not located in a Homeowner's Association or a Condominium Association. Once your Contract of Purchase has been accepted by the seller, the seller is obligated to provide you with an updated Homeowner's Association and/or Condominium Association packet, if the property is located within such a development.
Once you receive the packet, you have 3 days to review it and can exit the contract in writing, should you disagree with any part of the Association's rules and regulations. You will also get your full earnest money deposit back. If the 3 days pass, you no longer have this right to null the contract.
Information in the packet includes:
#1 Contact information to the Association for questions.
#2 The Association's budget, how the funds are allocated, and what the reserves total.
#3 All fees involved in living in the Association and using its amenities.
#4 Revealing any current lawsuits that the Association is involved in.
#5 Insurance coverage on the property and the Association's common areas.
#6 Statement that the property is not currently in any violation of the Association.
#7 Limitations of the owner to place a For Sale sign or a flag on or around his property.
#8 Complete copy of all by-laws, rules or regulations the Association has on file.
#9 Proof that the Association is registered.
If the property is a condo, there is also a statement on the limitation in the number of persons who may occupy the condominium unit.
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