The following additional terms and conditions are hereby included as a part of the Contract between Seller and Buyer for the above
paid in full by Seller
^ BUYER'S SIGNATURE MO/DA/YR
monthly, or $ / ;
monthly, or $ /
prorated and assumed by Buyer.
Any transfer fees charged by a homeowner’s association(s) shall be paid by Seller Buyer Other
Other Fees: A homeowner’s association may require fees, deposits or other payment at COE. These charges vary and may be
labeled as community reserve, asset preservation, capital reserve, working capital, community enhancement or future improvement
fees, payments, deposits or otherwise. Any of these fees or deposits or similar payment required by a homeowner’s
^ BUYER'S SIGNATURE MO/DA/YR
^ SELLER'S SIGNATURE MO/DA/YR ^ SELLER'S SIGNATURE MO/DA/YR
;
.
association upon the conveyance of the Premises shall be paid by Seller Buyer Other .
The pre-printed portion of this form has been drafted by the Arizona Association of REALTORS®.
Any change in the pre-printed language of this form must be made in a prominent manner.
No representations are made as to the legal validity, adequacy and/or effects of any provision,
including tax consequences thereof. If you desire legal, tax or other professional advice, please
consult your attorney, tax advisor or professional consultant.
REAL SOLUTIONS. REALTOR® SUCCESS
1. Seller:
2. Buyer:
3. Premises Address:
4. Date:
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referenced Premises.
If the Premises are located within a homeowner’s association or a condominium/planned community:
Dues and Fees: The current regular association dues are: $
Additional homeowner’s association fees are: $
Any current homeowner’s association assessment which is a lien as of Close of Escrow to be:
Any assessment that becomes a lien after the Close of Escrow is the Buyer’s responsibility.
Any inspection, certification or resale disclosure statement fee charged by the HOA for the cost of providing the resale
information required by law shall be paid by Seller.
If the homeowner’s association has less than 50 units, no later than ten (10) days after Contract acceptance, the Seller shall
provide in writing to Buyer the information described below as required by Arizona law.
If the homeowner’s association has 50 or more units, Seller shall furnish notice of pending sale that contains the name and
address of the Buyer to the homeowners’ association within five (5) days after Contract acceptance and pursuant to Section 3d of
the Contract has instructed Escrow Company to provide such notice on Sellers behalf. The association is obligated by Arizona law
to provide the information described below to Buyer within ten (10) days after receipt of Seller’s notice.
Buyer is allowed five (5) days after receipt of the information from the Seller or homeowner’s association to provide written notice
to Seller of any items disapproved.
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Information required by law to be provided:
1. A copy of the bylaws and the rules of the association.
3. A dated statement containing:
(a) The telephone number and address of a principal contact for the association, which may be an association manager, an association management
company, an officer of the association or any other person designated by the board of directors.
(b) The amount of the common regular assessment and the unpaid common regular assessment, special assessment or other assessment, fee
or charge
currently due and payable from the Seller.
(c) A statement as to whether a portion of the unit is covered by insurance maintained by the association.
(d) The total amount of money held by the association as reserves.
(e)
If the statement is being furnished by the association, a statement as to whether the records of the association reflect any alterations or improvements to
the unit that violate the declaration. The association is not obligated to provide information regarding alterations or improvements that occurred more than
six years before the proposed sale. Seller remains obligated to disclose alterations or improvements to the Premises that violate the declaration. The
association may take action against the Buyer for violations apparent at the time of purchase that are not reflected in the association’s records.
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(f) If the statement is being furnished by the Seller, a statement as to whether the Seller has any knowledge of any alterations or improvements to the unit that
violate the declaration.
(g) A statement of case names and case numbers for pending litigation with respect to the Premises or the association.
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4. A copy of the current operating budget of the association.
2. A copy of the declaration of Covenants, Conditions and Restrictions (“CC&Rs”).
5. A copy of the most recent annual financial report of the association. If the report is more than ten pages, the association may provide a summary of the report in
lieu of the entire report.
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6. A copy of the most recent reserve study of the association, if any.
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7. Any other information required by law.
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8. A statement for Buyer acknowledgment and signature as required by Arizona Law.
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H.O.A. Condominium / Planned Community Addendum • Updated: February 2007 • Copyright © 2007 Arizona Association of REALTORS®. All rights reserved.
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H.O.A. CONDOMINIUM /
PLANNED COMMUNITY ADDENDUM
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