Nevada Real Estate >> Las Vegas Real Estate Specialist: Nevada: Las Vegas: Inspirada

Las Vegas Real Estate: What is an HOA Resale Packet?

Most newer homes in the Las Vegas Valley have an HOA (Homeowner Association- they aren’t just Las Vegas HOA & CIC resale packetfor condominium‘s anymore!  There are rules and regulations regarding HOAs – or CICs (Common Interest Community).

There are laws and rules governing CIC documents during a real estate transaction in Nevada.  Please remember I am NOT a lawyer here – just a real estate agent.

HOAs and CICs have deed restrictions on how you may enjoy your property.  Some HOAs are strict with rental restrictions – some are not so strict.  How do you find out if you can live within the deed restrictions?

First you can knock your socks off and read Nevada Administrative Code 116 and Nevada Revised Statutes 116 which are the laws and governing body of CICs.

You should receive a disclosure form defining your rights and responsibilities of owning a home in an HOA when signing your resale purchase agreement.  In very large type and bolded print it states:

  • You generally have 5 days to cancel the purchase agreement if you do not agree to the deed restrictions
  • You are agreeing to restrictions on how you may use your property
  • You have to pay assessments (or HOA dues) for as long as you own your property
  • If you fail to pay those assessments, the HOA can foreclose on your property
  • You may become a member of your HOA board
  • You are required to provide prospective purchasers HOA information
  • You still have certain rights – guaranteed by the state – regarding ownership

Now how do you go about getting all this information?  The seller is required to order and deliver a resale packet or a certificate of resale for ALL HOAs, Master Plans and CICs.  Sometimes a home is governed by more than one CIC.

Those resale packets should contain:

  • Declaration of Restrictions (CCR’s)
  • Association Bylaws
  • Rules and Regulations of the Association
  • Info Statement (described above)
  • Statement of Monthly Assessments for Common Expenses and Unpaid Assessments
  • Current Operating Budget
  • Current Financial Statement of the Association, Including a Summary of the Reserves Study
  • Statement of any Unsatisfied Judgments & the Status of Any Pending Legal Action Against the Association or Relating to the CIC of Which the Seller Has Actual Knowledge
  • Statement of Any Transfer Fees, Transaction Fees or Any Other Fees Associated With the Resale of the Unit
  • Statement Describing All Current & Expected Fees or Charges for Each Unit, Including Late Charges, Penalties, Interest, Etc.

Boring stuff huh?  You better read it when you get it.  The time starts ticking when you are in receipt and you will be expected to sign five days after receipt that you have read and you accept the CIC documents in the neighborhood you are about to purchase your home in!


Thanks,  Renée Burrows 702-580-1783 Broker/Owner, REALTOR®
 

 

copyright 2006-2013 Renee Burrows, REALTOR®, Savvy Home Realty Solutions  702-966-2494

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Comment balloon 12 commentsRenée Burrows • January 08 2011 01:43PM
Las Vegas Real Estate: What is an HOA Resale Packet?
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Most newer homes in the Las Vegas Valley have an HOA (Homeowner Association- they aren’t just for condominium ‘s anymore! There are rules and regulations regarding HOAs – or CICs (Common Interest Community). There are laws and rules… more