The disclosure requirements extend to all defects of which the seller is aware, or should be aware. The seller of a unit, or lot, is required by law to disclose all material defects in the property, including defects in the common areas, and defects in other units or lots if they affect the unit or lot being sold. If there are known construction defects am I required to disclose them to a prospective purchaser?Ī. Yes, if two-thirds of all the homeowners in the homeowners association approve the sale or transfer of exclusive use rights to a common area.
Can the HOA or Board sell or grant exclusive use rights to a common area?Ī. In these cases, the homeowners directly involved with the proposed sale or exchange still need the approval and cooperation of their mortgage lenders, and if required by the CC&Rs, the approval and cooperation of some, if not all, of the homeowners and their mortgage lenders. However, if the parking space or storage unit is assigned to a particular unit or lot only in the CC&Rs and/or the initial deed conveying the unit or lot, and is not designated and assigned on the recorded map or plan, the sale or exchange only requires an amendment to the CC&Rs and/or a new deed. If the parking space, or storage unit, is assigned to a particular unit or lot on a map or plan recorded separately from the CC&Rs, the sale or exchange requires a licensed surveyor to prepare an amendment to the recorded map or plan and the written agreement of each and every homeowner and lender with an interest in the condominium complex and/or planned development.
Parking spaces and storage units are typically common areas to which individual units have been granted exclusive use. Can two homeowners sell or exchange a parking space or storage unit?Ī. The approval of other lenders, and of a governmental agency, is required only if the CC&Rs so state.
If the map or plan to be amended is recorded only as an exhibit to the CC&Rs, the amendment will only need to be approved by the percentage of homeowners required by the CC&Rs, and the lenders with mortgages on the directly affected units or lots. Needless to say, lenders are generally not anxious to cooperate in this process. The signature requirement is especially difficult to fulfill because it requires the cooperation of every lender that has a mortgage on any of the units, or lots, in the complex (including those not directly affected by the amendment). The amendment must be prepared by a licensed surveyor, and if the original map or plan was recorded separately from the CC&Rs, the amendment must be reviewed by a governmental agency, signed by all of the homeowners and all of the lenders who have an interest in the project, and then recorded. These boundaries cannot be changed, sold, or exchanged without amending the recorded map or plan. The boundaries of units and lots within a condominium project, or planned development, appear on map or plan filed with the County Recorder's Office. a room) be sold to, or exchanged with, another homeowner?Ī. Can individually owned elements of a unit or lot (e.g.
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