When a buyer is purchasing a unit in a Georgia condominium or property owners' association community, what does standard resale due diligence typically require?
Correct Answer
A) Review of the association's governing documents, budgets, current assessments, and any pending financial obligations that may affect the buyer
Under the Georgia Condominium Act (O.C.G.A. § 44-3-111) and the Georgia Property Owners' Association Act (O.C.G.A. § 44-3-220 et seq.), resale transactions in community associations involve disclosure of governing documents, financial statements, budgets, pending assessments, and litigation. These documents are critical because outstanding dues, special assessments, reserve fund shortfalls, and pending lawsuits can create significant financial obligations for the new owner and may affect a lender's willingness to finance the purchase.
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Previous Question
Robert is selling his condominium unit in Augusta and the buyer has requested to review association documents. Under Georgia law, what documents is Robert required to provide to the prospective buyer?
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The Midtown Condominium Association board in Atlanta wants to hire a management company. Under Georgia law, what authority does the association board have regarding professional management?