Sarah is a real estate agent representing a buyer interested in purchasing a home in Magnolia Springs subdivision in Atlanta. The subdivision has a mandatory homeowners association with annual dues of $850. Under Georgia's Property Owners' Association Act, what information must Sarah ensure her buyer receives before closing?
Correct Answer
B) The association's governing documents, current budget, and any pending special assessments
Under O.C.G.A. § 44-3-221, buyers must receive the association's governing documents (declaration, bylaws, rules), current budget, financial statements, and information about any pending special assessments or litigation. Option A is incomplete as it only mentions budget and financial statements. Option C focuses on board member information which, while helpful, is not the primary disclosure requirement. Option D addresses insurance and reserves but misses the essential governing documents and assessment information.
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Previous Question
A buyer is considering purchasing a home in a Georgia community governed by a property owners' association. Which statement best describes the buyer's responsibility regarding association-related information during the purchase process?
Next Question
A homeowner in a mandatory property owners' association in Georgia has fallen $1,200 behind on association assessments. Under the Georgia Property Owners' Association Act, what is the association's primary remedy for collecting the unpaid amount?