Before buying in an HOA or condominium community, review the governing documents and the association’s current financial and maintenance information. The packet helps you understand monthly costs, use restrictions, pending projects and the association’s ability to fund repairs. Requirements and document availability vary by community, so request the current materials during your contract review period.
Which HOA documents should a buyer request?
Declaration, bylaws and rules: check use restrictions, architectural approvals, leasing, pets, parking and common-area responsibilities.
Current budget and financial statements: review income, operating expenses, reserves and any significant year-to-year changes.
Reserve study or capital plan: see what major components are expected to need repair or replacement and how the association plans to pay.
Meeting minutes: read recent board and member minutes for discussion of repairs, insurance, litigation, assessments, disputes or rule changes.
Assessment and fee schedule: confirm regular dues, one-time contributions, transfer charges, application fees and any approved or proposed special assessments.
Insurance summary: ask what the association insures and what owners must insure themselves. Confirm details with your insurance professional.
Estoppel or resale information: request the transaction-specific statement of amounts due, violations and required payments through the appropriate closing channel.
How do you evaluate association finances?
Look for whether reserves appear aligned with the property’s age and maintenance needs, whether operating costs are rising, and whether the budget relies on one-time charges. A low monthly fee alone does not prove a community is financially strong. Ask whether major work is planned and how it will be funded. A reserve study is an estimate, not a guarantee; consider an independent review when a large project or unclear funding plan matters to your decision.
What should you look for in meeting minutes?
Search the recent record for recurring water intrusion, roof or elevator work, structural repairs, insurance renewals, contractor disputes, litigation, safety concerns and proposed changes to leasing or use rules. Ask the association or manager to clarify items that are vague or unresolved. For a condominium, review the building’s inspections and milestone-related records available for that property.
Questions to ask before your review period ends
Are any special assessments approved, proposed or under discussion?
What repairs or replacements are expected during the next several years?
Are there unresolved violations, claims or lawsuits affecting the unit or association?
Are there limits on leasing, pets, renovations, vehicles or occupancy?
What are the complete recurring and one-time charges for this purchase?
Frequently asked questions
Can an HOA raise dues or levy an assessment?
Association authority and procedures are set by governing documents and applicable law. Read the current documents and ask the association about approved or anticipated changes.
Are HOA fees included in a mortgage payment?
Usually they are billed separately, though lenders may include them when evaluating monthly housing costs. Confirm billing and payment dates.
Should I rely only on the seller’s packet?
Use current official association materials and have your real estate, legal, insurance or financial professionals address questions within their roles.
Make the documents part of due diligence
Review the packet alongside inspections, insurance quotes and the contract calendar. Our Boca Raton homebuyer guide covers the broader process, and the local market update adds current context. Contact Jennifer Susanne Sommers at Sotheby’s International Realty to discuss your search.
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