Feb. 6, 2008 - And The Survey Said.................
There are many reasons why people move into Community Associations. In case you are not sure what a Community Association is, let me try to make it clear. A Community Association is a place where all of the homes are loosely bound together for the common good. It could be a community of townhouses, much like my buddy Steve lives in. It could be a Condominium, much like I live in. It could be a gated community of detached single family homes. It could be a Cooperative like The Dakota in New York where John Lennon, God rest his soul, used to live.
The thing that all of these types of homes have in common is that they have governing documents, Declaration and By-laws and Rules and Regulations. Sometimes, depending on what State you are in, there are also State Laws pertaining to this sort of living. These documents are in place to bring order to the common good of the Association, the Association being made up of all of the home owners in the community.
People who do not live within an Association can pretty much do as they please with their property as long as they obey Federal, State and Local laws. People who live within a Community Association need to obey these same laws plus the rules outlined in the governing documents of the Association. Just like we elect our Federal, State and Local officials, Community Association are usually required to elect a Board of Directors. They are also usually incorporated as a not for profit organization. They need to run as both little governments and a little business'.
This is why I have repeatedly bemoaned the fact that there are real estate agents out there running around selling homes to people with out the benefit of educating them as to what they are getting into. Here comes a client that says "We are pre-approved for $xxx,xxx". The agent says "Hmmmmm, in this market maybe we should look at condominiums. They are a real good place for first time home buyers. They are affordable and the assessments include heat, water, garbage removal, landscaping and snow removal. You won't have a back yard for your VietNamese Pot Bellied Pig to play in, but that's OK, I'm sure it will be able to enjoy some fresh air from the balcony".
These people turn out to be unhappy. They never knew that there were pet restrictions in the rules. Sure, the agent faxed the contract to the Attorney for review. Sure the Attorney obtained a copy of the Declaration and By-laws, the Rules and Regulations and The current Budget and Financial Statement as per the contract. The problem is that nobody took the time to read them. Everybody figured that they were "boiler plate", you've seen one, you've seen them all. That's a big mistake, especially for the buyers themselves, but they were probably not specifically told to read them.
I believe that people who know what they are buying into are for the most part happy. That brings me to the survey. The Foundation for Community Association Research sponsored a National Survey which was designed to measure how residents perceived their Community Associations. I only wish I had the funds to commission a firm as prestigious as Zogby International to survey the residents of Community Associations to see how they feel about the real estate agents that put residents who are under educated as to what they are buying into into their communities.
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