Buying and Selling in an Association
There are some important facts that anyone buying or selling a condominium or a home in a Home Owners Association should know. Below is a broad outline of those facts. Anyone purchasing a home in an Association should carefully look over the Association documents for details on the rules of that Association.
WHAT A BUYER NEEDS TO KNOW
The Association is governed by a Board of Directors (3 to 7 members depending on the Association) who are elected by the owners.
Grace Property Services does the monthly billing, collection and deposit of condominium assets, pays bills, administers the bank accounts and coordinates common area maintenance work.
Your realtor should provide you with keys to your house. The Association does not have duplicate keys. The buyer must also receive the Condominium Documents from the seller.
No changes can be made to the external structure of the unit, regardless of common or limited common area, unless plans are submitted to the Board for review and approval.
WHAT A SELLER NEEDS TO KNOW
The seller must disclose that he/she is in a Condominium association.
The seller must notify Grace Property Services (234-209-9140) of the new owner and the date the unit is sold.
Association fees are not prorated. Prorating must be handled at closing. New owners are responsible for the association fee on the 1st of the month after transfer. Before closing you must check with Grace Property Services and confirm that all fees are current.
Grace Property Services has a Real Estate Division. Anyone interested in buying or selling a condo through the Grace Property Services Realtor should contact the office and ask for one of our GPS Real Estate Agents.
