What are the requirements of an HOA disclosure document?

An HOA disclosure document is a formal document that must be provided to buyers prior to closing on a property located in an HOA community in Tennessee. This document serves as a written notice outlining all of the rules, regulations, and information related to the HOA and the obligations of its members. In the state of Tennessee, there are several requirements that an HOA disclosure document must include: 1) Articles of Incorporation and By-Laws: This document includes the legal organizational documents of the HOA, such as the governing documents, articles of association and bylaws. This document outlines the powers, duties, and responsibilities of the Board of Directors, as well as the authority and rights of the membership in the association. 2) Financial Statement: This document includes a financial summary of the HOA’s assets, liabilities, and reserves. It also outlines how much each homeowner must currently pay in dues and fees. 3) Insurance Coverage and Risk Management: This document outlines the types of insurance coverage the HOA currently has in place, such as liability insurance, as well as any risk management policies implemented by the HOA. 4) Rules and Regulations: This document includes the rules and regulations that all homeowners must abide by, such as pet regulations, building codes, and parking restrictions. 5) Pool and Recreational Area Policies: If applicable, this document outlines any rules and regulations related to the use of the community’s pool, fitness centre, recreational court or any other common area. The HOA disclosure document is an important document and all homeowners in Tennessee must receive a copy prior to closing on a property in an HOA community. Knowing what is in the document and the expectation of the HOA is essential for a homeowner to understand and abide by.

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What are the requirements of an HOA disclosure document?

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