Join HOA lawyer David Firmin and two-time HOA homeowner Tom Dickson for a comprehensive webinar designed to equip you with the critical knowledge and tools to guide your clients through the complexities of purchasing properties within Homeowners Associations (HOAs) or condo communities. Understanding these unique environments is crucial to making informed decisions that safeguard your clients' financial and personal well-being.
Key Takeaways:
Governance: Understanding the structure and role of the HOA or condo association. Key governance documents: CC&Rs, bylaws, rules, and regulations.
The importance of board meeting minutes and transparency. Identifying red flags in HOA governance and management.
Financials: Evaluating the HOA's financial health: reviewing budgets, financial statements, and reserve studies. Assessing capital reserves and understanding the implications of deferred maintenance. The impact of special assessments and how they can affect long-term financial planning. Insurance requirements and coverage provided by the HOA.
Entering into a Sales Agreement: Critical clauses to include in sales agreements to protect buyers. The significance of disclosure documents and the review period.
Understanding and navigating architectural controls and restrictions. Preparing for potential legal disputes and their financial implications.
Learning Objectives:
1. Participants will gain an understanding of the governance structure and documents of an HOA or condo association, so they can advise clients on what to look for.
2. Participants will learn the metrics and reports to look for to help clients assess the financial health of an HOA or condo association.
3. Participants will learn ideas for disclosures and addendums clients should consider before they enter into a sales agreements for properties within an HOA or condo community.
*CE/CPE Eligible: 1 CE credit is available to attendees with these designations: CFP, CLU, ChFC and RICP. CPA attendees will earn 1 CPE credit.
Field of Study: Specialized Knowledge
Prerequisites: There are no prerequisites for this session.
Advanced Preparation: None
Program Level: Basic
Delivery Method: Group Internet Based
NASBA Approved
Financial Experts Network (Sponsor Id#: 145173) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.