The Arizona Association of Realtors has created a new HOA Addendum document for buyers and sellers to complete before closing. The Arizona Association of REALTORS® Form Workgroup Chair explains the motivation behind this new form:
“Parties were often surprised at close of escrow by previously undisclosed HOA fees that neither the buyer nor seller had agreed to pay. In an effort to avoid this scenario, an AAR forms workgroup created a revised HOA Addendum that promotes a greater level of disclosure of the various fees that are payable upon close of escrow. This greater level of disclosure should allow for fewer surprises, happier clients and successful closings.”
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