Buying a new home or condominium can be an exciting experience. However, things can get complicated if your new property is within a community association. This means that as a property owner, you must become a member of the association and you are bound by governing documents that require you to pay fees known as assessments. Assessments help the association cover community expenses such as building roofs, walls, common plumbing and utilities, parking lots, and other common elements.
Hiring an Association Lawyer for Peace of Mind
You may not understand the content of the documents you’re required to sign. That’s why attorneys ashburn va who’s well versed in this area is important so that you know what you’re getting yourself into. An experienced lawyer will be able to inform you about important details pertaining to your association’s governing documents:
- Your lawyer will advise you to get a disclosure packet from the association. It’s important to do this before buying a property in the association. This is because you want to make sure you fully accept the terms of the documents before you decide to purchase the property.
- Your lawyer will also tell you to look over the fees the association will charge each owner. You’ll also want to review the association’s finances because an association with financial problems is at higher risk of charging higher assessments in the future.
- It also may be a good idea to be familiar with recent Board of Directors meetings so that you are aware of potential problems the association is facing.
- Your attorney may also tell you to find out how much insurance an association has. Sometimes, associations don’t have enough funds to cover liability in case they get sued, In this case, the property owners are responsible for covering these fees.
As a soon-to-be homeowner, you want to ensure that you’re fully aware of your responsibilities with your association before you make the big decision to close on your home. This can help prevent you from making a big financial mistake.