Purchasing a Property w/ HOA: Seeking Guidance on Potential Pitfalls & required docs

Oklahoma City, Oklahoma
Buying & Selling Real Estate
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Purchasing a Property w/ HOA: Seeking Guidance on Potential Pitfalls & required docs

Ryan Reddi
Investor · WA · Member since 2021 · 4 posts · 0 votes

Going to sign contract very soon for a SFR in OKC area. This is my first time buying a property with HOA, I have no experience in dealing with other than living in a apartment. What are some gotchas I should be aware of ? What to documents to request from Seller or HOA before I close this investment property?

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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
2y
Quote from @Ryan Reddi:

Going to sign contract very soon for a SFR in OKC area. This is my first time buying a property with HOA, I have no experience in dealing with other than living in a apartment. What are some gotchas I should be aware of ? What to documents to request from Seller or HOA before I close this investment property?


READ THE HOA DOCS!!!!

That is the gotcha, people do not know what they are signing up for. 

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  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    2y
    Quote from @Ryan Reddi:

    Going to sign contract very soon for a SFR in OKC area. This is my first time buying a property with HOA, I have no experience in dealing with other than living in a apartment. What are some gotchas I should be aware of ? What to documents to request from Seller or HOA before I close this investment property?


    READ THE HOA DOCS!!!!

    That is the gotcha, people do not know what they are signing up for. 

    7e investments53 Reviews
    WebsiteView Page
    2Reply
  • Eliott Elias
    Investor · Austin, TX · Member since 2021 · 9k+ posts · 5k+ votes
    2y

    You are going to want to request full HOA documents. They should state all the restrictions to HOA comes with. This should be a pretty lengthy document.

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  • Walter Moneypenny
    Realtor · Phoenix · Member since 2023 · 74 posts · 38 votes
    2y

    Make sure that you have read all of the documents (CC&R's, Rules and Regulations, Design / Architectural Guidelines, etc.) BEFORE you enter into an agreement. There may be references to these and other documents in them. 

    1Reply
  • Ryan Reddi
    OP
    Investor · WA · Member since 2021 · 4 posts · 0 votes
    2y

    Thank you Walter. Appreciate it!

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