Buying into a Homeowner or Condo Association: What to Know

Homeowners

Buying into a Homeowner or Condo Association: What to Know

August 16, 2023

When purchasing a home in an Association, you will be entering into a contract with a deed restricted community that has the authority to impose specific limitations as well as charges. Below is a check list that will help you avoid any surprises.

Governing Documents
Obtain a copy of the Declaration with any amendments as well as the Rules and Regulations.
Review these documents for restrictions which may include, but is not limited to; home improvements, exterior decorations, pet limitations, parking requirements and visitor restrictions.
Applicable Fees
There may be fees for any or all the following:
- Estoppel
- Condo Questionnaire
- Special Assessment
- Loan Payment
- Planned Capital Improvements
- Community Development District Bond
- Master Association
- Golf Course or Club Membership
- Dock or Stable Rental
- Capital Contribution
- Sale or Rental Application
- Background Check
- Transfer of Title
- Pet Deposit
- Parking Deposit
- Mailbox, Pool or Club House Keys
Board Approval and Community Restrictions
The Declaration may grant authority to the Board of Directors to approve a sale or rental application to include a background check. The Board may also have authority to approve the actual sale contract or have the right of first refusal. Many Associations have breed restrictions, limit the number of pets and forbid commercial or recreational vehicles unless parked in an enclosed garage. Sheds, perimeter fencing, landscape improvements and exterior decorations may also be subject to Board approval or restricted completely.
Limited Common Elements
A limited common element is on the outside of a townhome or condominium that only the owner can use such as a balcony or patio. The Declaration will specify whether the owner is responsible for the maintenance of this area and whether the Association is responsible for replacement.
Operating Budget and Reserve Funding
You can request a copy of the current budget which will show what is covered under the Association. Insurance is for the property and liability of the Association and not for the individual owner’s property.
You can request a copy of the most recent financial statement to verify that reserves funding is properly allocated for large Association expenses such as the club house or pool.
Frequency of Assessments and Board meetings
Assessment payments can be required monthly, quarterly, bi-annually or annually. Know when your payment is due to avoid a possible late fee and interest charge. Board meetings can occur monthly, bi-monthly, quarterly, bi-annually or annually. Knowing the board meeting schedule will allow you to submit your concerns to the Board of Directors.
Closing Date
There may be multiple entities involved in providing information and approval of your purchase. Selecting a realistic closing date will allow enough time to acquire the information necessary to complete your purchase on time.

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A note [for] the terrific effort Chris has and continues to put forth to support my ARC for a new AC installation. The new AC installation is not normal (space and wiring), and he has provided excellent guidance to me and taken leadership in communications to the board. He has represented Signature Management in an exemplary manner.

Signature is the best property management company that I have worked with on HOAs! I thought the budget meeting this week was an amazing discussion with your leadership, Mary Jo. With your expertise and guidance, we were able to draft an excellent budget plan for 2025. And, Chris, you are always amazing, but especially so this week as we did a mountain of work to tidy up the outstanding work estimates on the building repairs. Your quick response to inquiries, and your patience and explanations are so appreciated. It feels like I stepped into a big job and knowing you two are such amazing partners sure helps me sleep at night.

— WHCC, Jill Franz

I recommend MaryJo and Signature Management to join your team as a dedicated and knowledgeable community manager, I know that she will be a beneficial addition to your community. MaryJo has been the Community Association Manager for nearly two years. I rely on Maryjo, and have come to know her as a truly valuable asset to our Community. She is honest, dependable, and hardworking. Beyond that, she is an impressive PCAM who is always transparent and professional. Her knowledge of construction defects and expertise in litigation was a huge advantage to our community. She put this skill set to work in order to secure our community the largest settlement by Toll Brothers to date, for that particular product. She is a true team player, and always manages to foster positive discussions and bring the best in her community.

Having troubles with your old management company? The solution is easy. Change to Signature Management Company and your life will be so much happier, easier and better. Signature is THE BEST Management company - far superior to the one we had for over 30 years in our association. Once we changed over to Signature, projects got DONE! Not only that, but when we call Signature, a person promptly answers the phone! Mary Jo and Chris have been great to work with and I, as a unit owner, feel more confident that our association's finances are being looked after in a proper way. Again, if you're unhappy with your management company, change to Signature and know that your association will be so much better looked after by the competence and experience of Signature Management Company's excellent team.

— Vista Del Largo, Susan Matthiesen

From the day Signature Management acquired the community where I am an owner, Wekiva Village on the Green, I’ve been extremely impressed by the professional, courteous, and responsive demeanor of our new Property Manager, Chris Marin. Clearly he prides himself on communication with owners in a timely manner. I have not made a single inquiry that hasn’t been responded to quickly by phone, email, or text…and with detailed answers about my questions. What Chris told me would happen DID happen!! He has taken control of a long overdue repair on my garage and chose a contractor that worked diligently to get it done. Our community is fortunate to have Chris Marin as our PM as I tell anyone who cares to listen !!! Thanks for the great job you’re doing, Chris!!!

— Wekiva Village on the Green, Anonymous

I would like to tell you both that we really appreciate your endless, relentless efforts you have done for all the residents of Chesterbrook. Having the town hall meeting and sharing your advice I'm sure was welcomed by more than just the board. The board believes in you and we want our residents to see as well why. Thank you for all you do!

— Chesterbrook, Anonymous

As I continue to immerse myself in the Archives, the value of a strong Board - Manager relationship becomes increasingly clear. You were very brave to have taken on so dysfunctional a community at the time you did. I have a greater respect for your efforts on our behalf as my understanding of Portfolio Management grows. You and your staff have gone so far above and beyond the contractual borders in both time and expense without additional cost. I thank you, the Board, and the Community at large for your patience as we all climb the learning curve in an ever changing environment. I am very thankful for what has been accomplished in the last two years or so by your staff, the Board, and the folks in the Community who have stepped up to help.

Just wanted to let you know how much I respect you and admire you for the work you've done so far for our community. I've never felt more comfortable handing something over knowing it will be handled properly.

— Sun Bay Club Condominiums, Karen L., Board President

The words of thank you are not enough to express the gratitude of the owners and especially the Board of Directors at Vista Del Largo. Meer words are inadequate compared to the assistance and guidance that has been provided through this very difficult transition. At time I have stretched our professional relationship to think of you [MaryJo] and your associates as mentors, and all have stepped up providing much needed advice. For this, I personally thank everyone at Signature Management Solutions.

— Vista Del Largo, Allen Wellman, Board of Directors

I truly appreciate all your personal help and efforts and am truly very impressed by our new condo management company. You guys are really on top of things and it is greatly appreciated! What a difference between your company and the previous.

— Sun Bay Club Condominiums, Aaron R.

You are a big improvement over the last company and we love you!

— Sun Bay Club Condominiums, Dave Z., Resident

As a Realtor I have had many unpleasant experiences dealing with property managers when attempting to assist my customers with the sale of their home. What a breath of fresh air your customer service department is. They respond quickly to all inquiries and seem to take pride in providing the highest level of service to benefit their clients. Please keep up the good work!

— Lake Villas Condominium, Glenda M., Realtor

Let me begin by complementing the staff at your HOA management office, specifically Christopher and Ingrid. Each of them has been delightful to work with. Kudos to your team there.

— Ramblewood Condominium, Owner

Want to let you know I appreciate everything you have done for Deer Song, me, and Ginny. Deer Song has come a long way with your help (and Chris’s help) with the letters and Chris walking the property and everything else. Just wanted to let you know on this Thanksgiving holiday that I (we) are thankful.

— Deer Song, Sheri (VP)

I wanted to commend your positive attitude as MOST management companies personnel that I have dealt with are nowhere near as responsive to any requests as you were, in fact I generally get either no response or no assistance whatsoever if information is required on my borrower. I am a very big believer of customer service, as in today’s world everything is automated and communication is lacking. So thank you again for being so helpful with such a quick response time, it has been greatly appreciated!!

— FBC Home Loans, Cathy LaPoint

On January 1, 2022 our association partnered with Signature Management Solutions. All of those at Signature have been knowledgeable and professional, but more especially, MaryJo LoCascio and Chris Marin have gone out of their way to assist us in a professional manner tempered with the human element of understanding. Our association is now being managed with the cooperative partnership of the Board of Directors and Signature Management Solutions resulting in proactively solving problems and planning for the future. The professional partnership with Signature Management Solutions has been positive and productive and we look forward to a brighter future for our association. I can't thank those at SMS enough for their assistance.

— Vista Del Largo, Allen Wellman, President, Board of Directors

I've been living in Alahambra Court for awhile and I just wanted say it's a great place to live and your management maintains it very well.

— Alahambra Court, Robert M., Resident

I appreciate your follow-up and your many great contributions to our community life. You guys and your steady efforts are appreciated. With the roof work, great painting, renewed landscaping, trees trimmed, the community is really looking great. Thank you for your part in helping us to be all that we can. Great teamwork!

— Moss Park Commons, Homeowner

“Congratulations to you and your financial team for an excellent budget proposal report! 1st time that I am reviewing a comparison budget proposal versus actuals of prior years / projections, since I am on this board; It’s easy to follow and understand.”

— Riviera Townhome Owners Association, President-Board of Directors

Thank you for all that you have done for Vista Del Largo and especially for me. Your taking the time to review and make suggestions on the proposed policies and rules and regulations was over and above the provisions of both our contract with you and any other obligation to VDL.
Again, thank you.

— Vista Del Largo, Al Wellman

Progress, thank you so much for all the hard work you and your team put into my neighborhood.

— Oaks at Winter Springs, Tammy Sumner, President

MaryJo, I can't tell you how much I personally appreciate the urgency you have placed on all of this from the very first email I sent you. The speed and intensity with which you have tackled this is outstanding and I want to make sure it doesn't go unnoticed. To repeat, your decisive and straightforward response to everyone's concerns here may well be the glue that makes this transaction happen. Your approach here is also an excellent example of what the Buyer can expect from VDL management in the future should she indeed become the new owner. Many thanks once again, MaryJo.

— Vista Del Largo, John

Just want to say thank you very, very, very much. Really appreciate what you are doing for us and really just could not be more thankful and please pass it on. I appreciate it so much. Thank you!

— Chester Brook, Jan Vitally

MaryJo and Chris, Please rest assured that in the midst of our day to day challenges, you are both greatly appreciated. Your commitment does not go unnoticed. On behalf of the Chesterbrook Community, thank you.

— Chesterbrook Community, Anonymous

I appreciate you – you are always so responsive, and believe me, not everyone is like that.

— Client Executive, Leslie C. Hanson, AIS, AINS