Changes to HOA Disclosure Laws 

There have been recent changes to the HOA (Home Owner Association) disclosure laws which I felt were important to share with you. As an active member of my HOA for many years, I believe firmly that taking an interest and staying involved in your community is a part of being a responsible homeowner. These changes to the HOA disclosure laws appear to be positive improvements:

·         Fees for disclosure items are capped at $400.00  (this does not include any “rush fees” or “update fees”) 
·         All disclosure related fees will be collected at the time the property closes escrow (COE)
·         Standard delivery is 10 calendar days from the initial request
·         Rush order delivery is 72 hours or 3 calendar days. The “rush fee” is capped at $100.00
·         Updated closing figures will be available at no charge for the first 30 days of an open escrow
·         The maximum charge for an update is $50.00 and can only be charged after the 31st day
·         HOA management companies may now opt to deliver all disclosure information via an electronic format

I have served as board President and various other roles on my own HOA and I understand how daunting it can appear to be when you have never dealt with an entity like an HOA. If you are considering purchasing a home, as a professional real estate agent, I can help you understanding all the laws pertaining to HOA and how they govern different communities.