Buying a home in Illinois means weighing different options when it comes to location, price, neighborhood, and features of the property. One must also decide if one wishes to live in a home that is governed by an HOA. While many homeowners appreciate the cohesiveness of an HOA community, others find the restrictions to be limiting, and sometimes intrusive. Before buying a home with HOA regulations, one should be aware of the fees, governing doctrine, and regulations that one must deal with while living there.
Understanding the HOA
In most cases, the sellers are required to inform potential buyers when the home is part of an HOA. Buyers may request a copy of the HOA’s governing documents before signing a contract. These documents may include information on required lawn care, paint colors, prohibited vehicles, maintenance, and fees associated with the association. Some HOAs will require prospective buyers to pay a fee to receive a copy of the documents.
Buyers should thoroughly read all documentation related to ownership in an HOA community. Once the contract on the home is signed, the buyer has very little, if any, option to negotiate terms within the HOA. If the HOA follows applicable federal and state laws, the governing documents are considered legally binding once the new owner purchases the home.
Legal advice during the homebuying process
When one decides to buy a home, one must understand the legal side of the process. Buying a home within an HOA community comes with additional legal concerns that homeowners should understand before signing a contract. Those with questions about purchasing a home in an HOA community can consult an Illinois attorney with experience in real estate law.
