Mark is a real estate agent working with buyers interested in a home in Riverside Estates near Augusta. The property owners association is proposing a special assessment of $2,500 per unit for new playground equipment, but it hasn't been formally approved yet. The current homeowner mentions this to Mark during the showing. What should Mark advise his buyers regarding this potential special assessment?
Correct Answer
A) The buyers should request information about the proposed assessment and consider it as a potential future expense
Option A is correct. Buyers should request information about the proposed special assessment and treat it as a potential future expense because pending or proposed association assessments can affect the buyer's decision and future ownership costs. Option B is incorrect because a proposed assessment is not automatically the seller's post-closing obligation merely because it was discussed during the seller's ownership. Option C is incorrect because Georgia law does not impose a $1,000 cap on special assessments. Option D is incorrect because the proposal is relevant even before formal approval.
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Previous Question
A licensee is listing a property in a Georgia subdivision that has a voluntary neighborhood association. The seller claims that because membership is voluntary, no association-related disclosures are necessary. Which of the following statements about voluntary associations in Georgia is INCORRECT?
Next Question
A property owners association is pursuing enforcement action against homeowners for covenant violations. What enforcement authority does a Georgia property owners association have under the Georgia Property Owners' Association Act?