PUTTING THE PIECES TOGETHER

When a unit in a community association changes hands, there is an opportunity to communicate essential information in a way that is helpful to the buyer and to the association. If that opportunity is lost, misunderstandings - or worse – may result. It is up to both the real estate agent and the association management to “put all the pieces together” for the new owner.

One way to accomplish this is for the Association to conduct an orientation for any real estate agent that might be considering listing or selling properties in that Association. The meeting would include imparting a sense of the culture of the Association, but also information that is necessary to be conveyed to the buyer.

Suggested roles and what information should be shared are provided in the list below.

THE REAL ESTATE AGENT Manage expectations Provide full disclosure Attend orientation meeting Provide buyer with an understanding of: Bylaws CC&R Management structure Operating budget Reserves Transition (if appropriate) Approval process (if appropriate)

THE COMMUNITY ASSOCIATION Manage expectations Maintain current information Conduct orientation meeting Provide the real estate agent with: Complete documents Historical data Contact person Current issues Approval process (if appropriate)

For more information, please contact Criterium Engineers at 1-866-966-1969.