Why order a Document Review?

If after a unit sells, the new owner is surprised to discover a special assessment, AND the documentation disclosed was not complete or accurate, Realtors, their brokers, the previous owner and the HOA have been named in lawsuits in order to recover damages.

As a seller, or an agent representing a seller, you can markedly reduce your risk associated with the transfer of ownership of a Unit or Lot in a Homeowner Association by ordering HOA Document Review to conduct a speedy document review of the documents you will be providing to prospective purchasers.

By ordering a Document Review, you force the HOA to disclose all the pertinent documentation necessary for you to assess the financial health and business operations of the community in which you are considering a major investment.

If they don't disclose everything, our report will clearly and simply show you what is missing, why it's important, and what next steps support rapid resolution.

Once the documents are received, our formal document review can begin. Our document review is an assessment designed to primarily measure the following:

• The degree to which the governing body has complied with its statutory responsibility to properly disclose documents as mandated by Civil Code §1368, and...
• The degree to which the governing body has complied with its fiduciary responsibilities as mandated by Civil Code §1365

Our assessment consists of over 100 questions specifically focused on determining whether the set of documents meet the above criteria. A typical assessment can be done in less than 72 hours and is delivered with a report outlining areas of improvement.

At HOA Document Review Inc. our focus is on ensuring you get a complete package. Therefore, we identify where your package doesn't comply with the law, by listing the missing items, helping you understand their significance, and noting what next steps you should take to recover them.

A missing document, or even a missing page, could cause a lawsuit, so we ask dozens of questions associated with verifying the completeness of the disclosure package.

Examples of such questions include:

1. Have the Financial Statements been provided?
2. Has the Pro Forma Budget Package been provided?
3. Is there a list of major components?
---For each major component are the following estimated?
-----• Replacement cost
-----• Useful life
-----• Remaining life
4. How much money should have been saved to date, in total, to address major component repairs?
5. How much money has been saved to date, in total, to address major component repairs?
6. What percentage funded are the reserve account (s)?

At HOA Document Review our focus is on ensuring you get an accurate package.

An example of an inaccurate package would be one that includes a two year old budget package instead of a current budget. Another example would be one that includes the CC&R's that are from Creekside Terrace instead of Creekside Villas.

Both of these examples, could eventually cause a lawsuit so, for your protection, we ask dozens of questions associated with verifying the accuracy of the disclosure package.

Examples of such questions include:

1. Is the Budget package related to the proper HOA?
2. Is the Budget package of the appropriate period?
3. Does the Insurance Summary contain all the required information pursuant to Civil Code §1368?