Alert: New HOA Rules

There have been recent changes to the Homeowner Association (HOA) rules in Arizona, which impact home buyers and sellers. Here is a quick overview of the improvements made to existing HOA rules:

1.)    Fees for disclosure items will be capped at $400.00 (this does not include any “rush fees” or “update fees”). 

2.)    All disclosure related fees will be collected at the successful closing date of the property.

3.)    Standard delivery is 10 calendar days from the initial request.

4.)    Rush order delivery is 72 hours or 3 calendar days. The “rush fee” is now capped at $100.00.

5.)    Updated closing figures will be available at no charge for the first 30 days of a pending contract. The maximum charge for an update is $50.00 and can only be charged after the 31st day.

6.)    HOA management companies may now opt to deliver all disclosure information via an electronic format verses the standard mail as it was before.

Homeowner Associations are a viable piece to our housing industry. I believe the changes made will make a positive impact on those who are planning to buy or sell a home in the near future. If you or someone you know is considering a move, please give me a call. Understanding the HOA policies and rules is an important step when purchasing a home – it is also important to have a real estate professional on your side to help you navigate through the process. 602-942-7000