Mar 29, 2011

Tip 10-2011: Home Owner's Association (Copy of HUD-1)

There is no uniform procedure for how a Home Owner’s Association (HOA) is to be given information about a new homeowner.  Each HOA has its own way to receive the name of the new purchaser.  The HOA Disclosure Packet will usually contain an address and contact information about the HOA and the documents required.  This is usually given directly to the Purchaser.

There is a recent trend where the HOAs’ require a copy of the Purchaser’s HUD-1 to change the information in their system.  If the HUD-1 is a requirement of the HOA, be sure to inform the settlement attorney.  It is also important that the Purchaser’s Settlement Attorney have the HOA’s address and/or email contact information. (Normally, the listing realtor obtains the HOA information, including addresses and contact information, and gives it to the selling realtor.)

It is recommended; however, that the complete HUD-1 not be provided to the HOA as it contains financial information which the HOA does not need.  At the very most, only provide Page 1 of the HUD which contains the names and addresses of the Seller and Purchaser along with the Settlement Date.  Other financial information on Page 1 of the HUD maybe helpful to the HOA, such as purchase price, proration’s, etc., but may not be required.  The best advice is however not to send the HUD-1, but instead provide the HOA with a copy of signed Deed, which contains the minimum information necessary for the HOA.

Please contact us if you have questions or need legal advice.

Senior Partner
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville, Virginia


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