Buyers should receive a copy of the Covenants and Restrictions within so many days of making an offer so that they understand what they are buying into. A copy of the recent year-end financials and the minutes from the last board meeting are also a clear sign as to whether or not a Homeowners Association or a Condo Association is stable and that there are no new assessments about to be charged to owners.
In Florida, the disclosures go one step further making it the responsibility of the seller to disclose to a buyer all known facts that materially affect the value of the property. Chapter 718 allows a buyer to void a purchase by delivering written notice of the buyer’s intent to cancel within 3 days after receiving these documents.
Know your rights as a buyer and work with an Accredited Buyer’s Representative or a Certified Residential Specialist to receive the best service. These two extra certifications are achieved by extra curriculum classes and achievements that most other agents do not have. These follow an agent’s name with either ABR or CRS.