Buying a condominium, townhome, or property in a planned community can be very different from purchasing a home without an owner association. Beyond the property itself, buyers need to understand the rules, financial obligations, and responsibilities that come with ownership.
OREF 031 – Advisory to Buyer Regarding Owner Associations is designed to help buyers understand these considerations and make informed decisions before purchasing a property governed by an owner association.
There’s More to Consider Than the Property Itself: Owner associations offer benefits like shared amenities and maintenance services, but they also come with responsibilities. OREF 031 helps buyers understand how association dues, special assessments, CC&Rs, and property restrictions may affect their ownership experience.
Help Your Buyers Know What to Review: OREF 031 encourages buyers to carefully review association documents, financial records, and meeting minutes. These resources can reveal important information about association rules, maintenance concerns, upcoming expenses, and potential special assessments.
Make OREF 031 Part of Your Buyer Education: Providing OREF 031 early in the buying process gives clients an opportunity to understand the benefits, responsibilities, and potential risks of purchasing property governed by an owner association.
▶️ Watch the Featured Form video to learn how OREF 031 can help you better educate your buyers and support a more informed purchasing process.
Do you have an idea or suggestion for a new form or edits to existing forms? We want to hear from you! Submit your ideas to our Forms Committee here.
Always check with your principal broker or legal counsel to ensure that you are following any policy requirements of your brokerage. All comments and responses from OREF or its staff, managers, and volunteers are non-legal opinions made for general purposes. Each Forms subscriber must rely solely upon their Principal broker or personal legal counsel for specific advice and instruction. You and your client should independently confirm that the Form(s) you use are legally suitable for the purposes intended and that they are current with respect to all laws and regulations.
