SU0014628 - Laserfiche WebLink

Home Browse Search

COMMON INTEREST SUBDIVISION GENERAL INFORMATION The project described in the attached Subdivision Public Report is known as a common-interest subdivision. Read the Public Report carefully for more information about the type of subdivision. The subdivision includes common areas and facilities which will be owned and/or operated by an owners' association. Purchase of a lot or unit automatically entitles and obligates you as a member of the association and, in most cases, includes a beneficial interest in the areas and facilities. Since membership in the association is mandatory, you should be aware of the following information before you purchase: Your ownership in this development and your rights board.In short,"they"in a common-interest subdivision and remedies as a member of its association will be is"you". Unless you serve as a member of the governing controlled by governing instruments which generally board or on a committee appointed by the board, your include a Declaration of Restrictions (also known as control of the operation of the common areas and CC&R's), Articles of Incorporation(or association)and facilities is limited to your vote as a member of the Bylaws. The provisions of these documents are intended association. There are actions that can be taken by the to be,and in most cases are,enforceable in a court of law. governing body without a vote of the members of the Study these documents carefully before entering into a association which can have a significant impact upon the contract to purchase a subdivision interest. quality of life for association members. In order to provide funds for operation and Until there is a sufficient number of purchasers of lots maintenance of the common facilities, the association or units in a common-interest subdivision to elect a will levy assessments against your lot/unit. If you are majority of the governing body, it is likely that the delinquent in the payment of assessments,the association subdivider will effectively control the affairs of the may enforce payment through court proceedings or your association. It is frequently necessary and equitable that lot/unit may be liened and sold through the exercise of a the subdivider do so during the early stages of power of sale. The anticipated income and expenses of development. It is vitally important to the owners of the association, including the amount that you may individual subdivision interests that the transition from expect to pay through assessments, are outlined in the subdivider to resident-owner control be accomplished in proposed budget. Ask to see a copy of the budget if the an orderly manner and in a spirit of cooperation. subdivider has not already made it available for your examination. When contemplating the purchase of a dwelling in a common-interest subdivision, you should consider A homeowner association provides a vehicle for the factors beyond the attractiveness of the dwelling units ownership and use of recreational and other common themselves. Study the governing instruments and give facilities which were designed to attract you to buy in this careful thought to whether you will be able to exist subdivision. The association also provides a means to happily in an atmosphere of cooperative living where the accomplish architectural control and to provide a base interests of the group must be taken into account as well for homeowner interaction on a variety of issues. The as the interests of the individual. Remember that purchaser of an interest in a common-interest subdivision managing a common-interest subdivision is very much should contemplate active participation in the affairs of like governing a small community . . . the management the association. He or she should be willing to serve on can serve you well, but you will have to work for its the board of directors or on committees created by the success. DRE o Page 2 of 8 File No. 022534SA—F00