Condo purchase...how to get copy of bylaws...?

Question

I am having a hard time getting the bylaws for a condo purchase...I have been told I must make an offer before I can get a copy of the bylaws.  They have 10-15 days after offer to get the info to me.  Is this correct, or can I get a copy before placing an offer?...the questions I need answered are:

What percent of the units are owner occupied?

What percent of the condos may be rented out per HOA?

What percent of the owners are delinquent on HOA dues?

Does a single entity own 10% or more of the units?

Does the HOA have at least 10% of its budgeted income designated for replacement reserves

...will the bylaws reveal this information?

Phil Mays · Answer

Jamie,

Most lenders have minimum occupancy requirements in order to be approved for financing....condo budgets (reserves) are also important for lenders especially for government loans.

James Mudd · Answer

@Phil Mays ..so the lenders would know this?

Phil Mays · Answer

Hi James,

Not quite sure where in public records you would find this info except directly from HOA. You might want to contact a local lender to see if the condos qualify for fha/va financing. This would give you a more clear answer as to owner occupied units

James Mudd · Answer

...not as easy as I thought.  Where on public records would I find that info?

James Mudd · Answer

@Wayne Brooks

@Phil Mays

Thank you for the responses.  I will seek out the management company.

Wayne Brooks · Answer

First, they are usually public record.  Second, we call the HOA management co. And simply request them.  They may charge for them whether you are under contract, but most these days can just email them to you.

Phil Mays · Answer

Hi James,

It's been my experience that the condo docs are given as a contingency of buyer acceptance per contract. In addition to the bylaws, I would recommend that you get the declarations and copy of last 3 assoc.meeting minutes as well. This additional information may give you better insight as to what you're getting into. Good Luck!