Prior to submitting A purchase offer, the Buyer should receive a copy of the HOA Addendum in which page one has been completed by the Seller. The Buyer should review the fees disclosed on page one and should then contact the Association(s)/Management Company(ies) to obtain verbal verification of the fees payable upon close of escrow. Once the Buyer has obtained fees, they are to complete page three of the HOA Addendum, thereby identifying which party pays for which fees.
Under lines 42-43 of the HOA Addendum, the buyer has five days to cancel the contract after receiving the HOA documents, even if the inspection period has expired. The reason for this longer time period is that, although the buyer has control over such inspections as home inspections and termite inspections that can be done during the inspection period, the buyer cannot control the time of the delivery of such documents as the HOA documents.