How to Read the MLS Property Report--A Guide for Charlotte NC Home Buyers (Part 2)
How to Read the MLS Property Report—A Guide for Charlotte NC Home Buyers (Part 2)
If you are a Charlotte NC home buyer, you will want to understand the wealth of information you can get from the Multiple Listing Service (MLS) property reports that your real estate agent gives you. This guide will lead you through a property report and make you a better-informed home buyer. Part 1 covered the basic property information found at the top of the report.
How to Read the MLS Property Report—A Guide for Charlotte NC Home Buyers (Part 1)
Part 2 in this series covers just one line of the report: Is the property subject to a Home Owners Association (HOA)?
Although this topic is a minor part of the MLS report, it can have a big impact on your enjoyment of your new neighborhood. Some of you don’t want the restrictions that come with neighborhoods governed by home owners associations. Others prefer a restricted neighborhood because of the regulations governing its look and the community amenities.
If a neighborhood has a home owners association, the MLS property report will tell you how much the annual fees are and how often they are paid. It will also list the name of the management company for the HOA and a telephone number.
If you spot these items on the property report of a home that interests you, you should ask your agent to get a copy of the Owners Association Addendum that the sellers filled out when the property was listed. This addendum will give you more information that you should know about the HOA. For example, the Addendum will disclose how many owners associations govern the property, what the fees are used for, whether there are any special assessments either confirmed or being discussed, whether the HOA is subject to any lawsuits and how much the management company will charge to transfer their records to you, the new buyer. This transfer fee will be your responsibility to pay at closing.
Learn more about the Owners Association Addendum: Charlotte NC Home Sellers Have New Homeowners Association Disclosure Requirements.
Before making an offer on a property and before your due diligence period ends when you are under contract, you should review all the documents associated with the home owners association. You should understand the covenants and restrictions that will govern how you can use your property. You will want to read the architectural review guidelines if there are any. You may want to review the budget of the homeowners association as well.
Want to know more about buying and selling real estate in Charlotte NC? Visit www.CarolinaSmallTownLiving.com.
Copyright 2011. Carol Fox. Allen Tate Realtors. *How to Read the MLS Property Report—A Guide for Charlotte NC Home Buyers (Part 2)*