![]() Those documents could very well determine your level of happiness while living in your new home. They need to be read prior to signing on the dotted line. This is why HOA covenants are not owner’s manuals. This also includes reading the Restrictive Covenants and/or Rules and Regulations of the HOA (COA, etc.). The Due Diligence Period gives you a set period of time in which to research a home and conduct inspections prior to purchasing. That’s why we have a Due Diligence Period in North Carolina. Homes, while often treated like products, don’t work the same way. Everything included in the manual is what you need to know AFTER buying. Manufacturers assume that everything you need to know to purchase a product is available on the outside of the box or provided by the salesperson. You can access this manual AFTER you purchase the product. When you purchase a functional product, you receive an owner’s manual in the box, which has directions for its use, warnings against misuse, terms of any warranties included, and who you can contact if it breaks. That’s why we say, “HOA covenants are NOT owner’s manuals!” So, it’s important that homeowners have a full understanding of what an association covers BEFORE they buy. It’s odd not to come across a development that doesn’t have one that doesn’t at a minimum control the common areas of the community. That’s up 23% from the 1970s! Many of the new construction communities in Wilmington have some form of an owners association. According to the Foundation for Community Association Research, 24% of Americans live in a community with a homeowners association (HOA), condo owners association (COA), or cooperative.
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