Be sure to read association documents in advance

Mark Nash, author of "1001 Tips for Buying and Selling a Home," says that home buyers should always read their homeowner's association documents.

Last update: January 27, 2006 - 11:52 PM

Mark Nash, author of "1001 Tips for Buying and Selling a Home," says that home buyers should always read their homeowner's association documents.

Getting rid of Fido because you didn't know you were moving into a no-dog building is an example of why every buyer should request and read association rules and regulations. But at least as important are association declarations, meeting minutes and budgets.

Ask whether there are any special assessments (typically for capital improvements such as new roofs, windows or elevators) or planned ones. Special assessments can run into the thousands of dollars.

Buyers also should request rates of state, county or local transfer taxes paid by buyers at closing. Some buyers learn too late that they might need large amounts of extra money to pay transfer taxes. Inquire when you start your search: How much are transfer taxes and who pays them?

JIM BUCHTA