A licensee is representing a buyer interested in purchasing a resale home in a Georgia HOA community. The buyer asks whether reviewing the association's budget and governing documents before closing is necessary. Which statement best reflects proper practice regarding association documents in a Georgia community resale transaction?
Correct Answer
C) Buyers should review the association's budget, governing documents, and any pending special assessments because these materials reveal financial obligations and use restrictions that directly affect ownership.
Under the Georgia Property Owners' Association Act (O.C.G.A. § 44-3-220 et seq.), sellers in HOA communities must provide certain disclosures, and prudent practice requires buyers to review the declaration, bylaws, budget, and any pending or special assessments before closing. These documents reveal the buyer's financial obligations (regular and special assessments), use restrictions, architectural controls, and the association's financial health—all of which materially affect the ownership experience and property value.
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Previous Question
A buyer is purchasing a unit in a Georgia condominium community and wants to understand how the association has the legal authority to charge assessments and place liens on units for unpaid amounts. What is the primary source of an association's power to levy assessments and enforce assessment liens?
Next Question
A Georgia HOA has hired a professional community manager to handle day-to-day operations including collecting assessments, coordinating maintenance, and communicating with homeowners. The manager begins making decisions that were not specifically authorized by the board. Under Georgia community association law, which statement accurately describes the relationship between the board and the community manager?