realestate
Real Estate

Can A Homeowners Association Foreclose on Your Home?

Thu Jul 15, 2010 8:03 am
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Comments: 0 Views: 329

The short answer to the question can a Homeowners Association foreclose on your home is YES! Typically most homeowners who purchase in a PUD (planned unit development) or other area covered by the rules & convenants of any Homeowners Association do not pay much attention to the Home Owners Disclosure Packet that is presented to them upon signing a real estate contract. Once the Real Estate contract is "Ratified" (this ought to happen) the Realtor representing the buyer should have obtained the most recent edition of the Home Owner Association Packet containg the "rules & convenants" for the area. This packet typically is paid for by the seller and is a condition of the sales contract.

One of the many do's & don'ts in any homeowners discloure Packet is the fact that the Board of Directors of the Homeowners Association  has the right to foreclose on a homeowner for non-payment of "yearly dues".

A buyer must be vigilant to make certain that he or she understands the conditions set forth by the homeowners association and should have received appropriate counsel from either or both their Realtor & Closing Attorney before the final settlement date.



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