Sooner or later, there is a decent chance that your family will need to pack up and move—whether due to family reasons, work reasons, or simply the desire to change your location. For those who currently live in an HOA community, the moving process invites a few questions: Should you formally notify the HOA Board of your pending departure? And are there any rules or regulations that might impact your move?
Giving the Proper Disclosures
First and foremost, you’ll want to make sure potential buyers are aware that your home exists within an HOA. Talk to your real estate agent about the best way to handle this disclosure. Most of the time, it’s best to inform potential buyers of any HOA fees they will be responsible for; if possible, you might also provide potential buyers with a pamphlet or brochure that shows them all the positive things your HOA does—i.e. what they’re getting for their money. This can turn HOA membership from an annoyance into a real selling point!
Notifying Your HOA
You will also want to notify your HOA Board that you are leaving. There are a couple of reasons for this, and one is that you may need to follow certain rules when you sell your home. We’ll say more about that in just a moment. Additionally, it allows you to pay any final fees that you owe, and ensure that you are not charged for any further HOA fees after you move out.
Rules for Selling Your Home
In terms of rules for selling your HOA property, there are two that you’ll want to be aware of. One is that some HOAs may require you to provide them with a copy of your home inspection report; since most buyers will insist on an inspection anyway, this is usually not much of an inconvenience. Additionally, be aware that some HOAs may charge a small fee to process all the paperwork as ownership of the home transfers from you to someone else. You can find out more about both of these stipulations in your HOA’s by-laws.
Moving on from the HOA
It’s always bittersweet to leave your home and strike out for greener pastures. If you do find yourself needing to leave your current HOA life, just be sure you remember these small details. With any further questions, please reach out to the experts at Kuester Management Group any time!