Documents That Should Be Reviewed and Approved Prior to Purchasing a Property in a Common Interest Community
When a person enters into an agreement to purchase a property that is part of a common interest development it is critical that they obtain, review and approve certain documentation pertaining to the common interest development. State statutes have varying requirements relative to the documentation that a seller of a separate interest must provide to a prospective buyer, so it is important for the parties to a purchase and sale transaction to know exactly what their state requires. The obligations are typically the initial responsibility of the seller of a property, but there are also requirements relative to the assembly and delivery of the required information that are imposed on the homeowners association. These statutes typically have time requirements for compliance and penalties for violations.