HOME OWNER ASSOCIATIONS
How do I get information for the Association?
If your home is associated with one or more Home Owner’s Associations, EscrowOne, Inc. will assist you and provide the required information per your purchase contract and The California Legislature Civil Code §4525. It is our pleasure to provide you the required information and close your transaction making it a wonderful experience for all parties involved.
Seller and Buyer’s Duties
Sellers – Once in Escrow, It is the responsibility of the Seller to notify their Escrow Officer of the Home Owner’s Association and to be sure all monthly dues, special assessments and any other monthly or annual fees that may be applicable, are paid current.
The Seller may be required to provide funds up-front to enable Escrow to order the required documents to provide to their Buyer and obtain a current demand of fees that are currently paid, and may need to be prorated, or due.
Buyers – A buyer must notify their lender that there is a Home Owner’s Association affiliated with the home they are purchasing. This assures that there are no surprises and monthly dues can be calculated into the financials.
Once the buyer is provided the required information and documents, it is the Buyer’s responsibility to review the documents and information provided in a timely manner and sign their Amendment/form that they have received the required information and have read and approve the content and fees associated with their purchase.
A buyer’s lender may also require items directly from the HOA including, but not limited to, Home Owner Association Certification, Master Insurance Policy, and documentation of monthly and annual fees that could be assessed.
Escrow’s Duties
EscrowOne, Inc. will contact the Home Owner Association once contact information is provided by the seller to obtain ordering instructions. At that time, Escrow may require up-front payment from the appropriate party to forward to the HOA or their respective Management Company, in order to obtain information and documents. Once the Home Owner Association Document Package is received, Escrow will forward all information to the Buyers for review and approval. The Buyer must sign an Amendment/Form that they have received, read and approve the HOA Document Package before their Escrow transaction can be successful.
When is Escrow not responsible?
Escrow Companies are not responsible or liable for any Home Owner Associations that are not on the recorded County Records and/or are not disclosed by the Sellers of the said property.