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What you should know before you buy
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The Homebuyer and the Community Association

What You Should Know Before You Buy

Community associations exist because they offer choices, lifestyles, amenities and efficiencies that people value.

Many community associations offer services and amenities that most Americans cannot afford on their own, such as swimming pools, tennis courts, playgrounds, lakes and ponds, professional security, even golf courses. These communities also provide some degree of protection against neighborhood degradation and deterioration cars on cinder blocks, dilapidated homes, yards that are not maintained or even the infamous flock of pink flamingos.

But with all of their inherent advantages, community associations occasionally face complicated issues, none more common than the challenge of balancing the rights of the individual homeowner with those of the community as a whole. Issues often arise because of unrealistic expectations, misinformation and misunderstanding.

You can help ensure a more positive and fulfilling community experience by learning all you can about a community before you buy a home. (Read the complete CAI article here.)

Providing critical need-to-know information to buyers is an extremely important HOA function. Fortunately, the Internet has vaulted communication to a whole new level. Besides moving information and communications phenomenally fast, it provides a platform for information archival. This is particularly important for HOAs which have significant static and time-sensitive information that should be made available as part of each seller’s resale disclosure obligation. Having well informed owners and potential owners is to the benefit of the HOA. Apprising buyers about upcoming special assessments, parking, pet and architectural restrictions and other hot topics will screen out those that can’t live with them. Withholding the information guarantees uninformed, uninvolved or angry new comers. With the many affordable and user friendly HOA website services available today, there is little excuse for even the smallest HOA not to take advantage of this tremendous communication tool. - Regenesis.net

Buyer

You will want to become familiar with our Master Deed, Articles of Incorporation and, especially our By-Laws and Rules and Regulations. These are the guidelines that we live by in PRV.

You should understand our Master Policy insurance and what is expected of you, as a home owner.

Your bank will require certain information about our Association. Most of that information can be found here. A mortgage affidavit adapted from the Fannie Mae mortgage questionnaire can be found here. Your bank may find this acceptable when printed and signed by the President or Treasurer.

One more important item: We require that each homeowner fill out a mortgage questionnaire which gives us the mortgage holder information and your address information. We require this to set up your condo association account. You may print this one off, fill it in, and drop it into the PRVA mailbox. You do not need a stamp.

Seller

In order to close the sale of your unit, you will require a 6-D which shows you have no liens from PRV against your unit. As soon as you know your closing date, you should contact the board and request a 6-D.

In order to obtain a certificate of insurance from our Master Deed, please call Wachusett Insurance company at (508) 754-5800.

Real Estate Values in Paul Revere over the last 13 years...