Major Contingency in Hawaii, Association Documents
Do you know your neighborhood and the rules you are required to abide by? When living behind a gate, part of a condominium complex, or are included in an association, what does your assemblage include? Have you taken time and reviewed your Association Documents, which are part of the Hawaii Purchase Agreement? Learn about the M-1 of the Purchase Agreement, Minutes, Reserves, and Policy!
M-1 of the Purchase agreement, Association Documents
The major contingency allows the purchaser an allotted amount of time to review the Minutes, Financials, Bylaws, Amendments & Declarations here in Hawaii. Typically, the Seller will order and provide the most current PDFs within 10 days of an Accepted Offer. The recipient will then have between 7- 10 days for Review & Acceptance. It is significant to read carefully to learn about your community.
Minutes
The Association Docs cover the Minutes and any updates the board is currently covering. This may or may not include painting, lawn furniture, pending projects or updates. However, these are the current discussion the board is reviewing,
Reserves
More importantly, the Reserves are encompassed in the M-1 Association Documents. Here, one will discover the age of the roof, big ticket items, and the budget for these expenses. Not to be confused, it is required to have 50% of any anticipated projects and the funds set aside. Doing so, it prevents the owners from getting nailed with any massive incidentals.
Policy
Reminder, there are no changing of the rubrics & policies. These documents are provided to educate yourself on where you plan to reside as a primary resident, second home owner, or an investment property holder. It is best to read through all the PDFs and contact the association directly for any questions or clarification.
If looking for proper representation, contact Kimberly to supervise your transaction. Principal Broker and owner of Living Maui Real Estate, LLC, she is familiar with the Hawaii Standard Purchase Contract. Year after year, Buyers and Sellers have successfully transitioned in & out of their Maui home with her guidance.