Lisa is selling a townhome in California. Her property is part of a homeowners association (HOA). In addition to the TDS, what additional disclosures must Lisa provide to the buyer regarding the HOA?
Correct Answer
C) The HOA's governing documents, financial statements, and any pending special assessments as required by Cal. Civil Code §4525
Under California Civil Code §4525, sellers of properties in common interest developments must provide buyers with extensive HOA documentation, including governing documents (CC&Rs, bylaws, rules), the most recent financial statement, pending assessments, reserve fund information, and other material HOA information.
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Previous Question
A California listing agent is aware that a death occurred on a residential property 18 months before the current buyer submitted an offer. The agent does not proactively disclose this fact to the buyer. The buyer discovers the history after closing and threatens legal action. Under California Civil Code §1710.2, which factor is MOST determinative in assessing whether the agent had a disclosure obligation?
Next Question
Under California Civil Code §1102.6, which of the following categories of information is a seller required to address when completing the Transfer Disclosure Statement (TDS) for a residential property?