Aspen Knolls Estates H.O.A., Inc.
Re-sale and Re-fi Requirements
Re-sale and Re-fi Requirements
Pre-Closing Requirements: Attorney's representing sellers or buyers. Banks, Brokers, Mortgage Brokers, Agents. Contact lcsmgtclosings@gmail.com, for complete details.
All required forms, letters and or certificates must be formally requested through Management no less than TWO, (2) WEEKS PRIOR to the closing of any home. A copy of the signed, binding "Contract of Sale" must be included in the formal request.
It is not a Condo Association. It is a Homeowner's Association consisting of single family dwelling-town homes.
The home is part of a community within a Homeowner's Association. It is not a condo. It is a single family dwelling town home within a Homeowner's Association.
Please be advised as per Article XII, Section 1, pages 164/25 - 165/26, titled “Leasing Restrictions” In the Offering Plan Paragraph (r) it states “No rentals are permitted in any home within the development”. This includes and owner being absent from the home OR one that resides in the home and rents rooms. Management will file court proceedings against any owner found to be renting in any capacity.
In the event that the buyer(s) do not speak English, they will need a translator when they come into the Management Office to register as owners in the community. Management and or the BOD will not be responsible for any miscommunication.
The following is a list of what forms are typically requested from management in regards to the sale of any home and the fees for each. All forms must be formally requested:
1. MANDATORY: Common Charge Release Letter. The letter is very detailed including what is expected of the seller as well as the buyer. There is a fee, which must be paid prior to the release of the letter. Please provide the name and fax number of the buyer's attorney so that a copy of the Release Letter can be faxed accordingly to avoid any surprises for the buyer at the time of closing. Please provide the fax number or email of the buyer's attorney.
1a. A copy of the signed contract must be sent along with the release letter request. Please provide the fax number or email of the buyer's attorney.
1b. The garage must be inspected to ensure it has not been converted into living space, prior to the release of the letter. The release package will not be sent prior to the inspection of the garage.
1. c The seller has to surrender their parking stickers and guest tags at the time of the garage inspection. Arrangements will be made with security to ensure that no violation is issued to the account from the time of surrender of the tags and stickers to the time the seller moves out, (within a reasonable amount of time). The release package will not be sent prior to the surrendering of the parking stickers and tags.
1b. The garage must be inspected to ensure it has not been converted into living space, prior to the release of the letter. The release package will not be sent prior to the inspection of the garage.
1. c The seller has to surrender their parking stickers and guest tags at the time of the garage inspection. Arrangements will be made with security to ensure that no violation is issued to the account from the time of surrender of the tags and stickers to the time the seller moves out, (within a reasonable amount of time). The release package will not be sent prior to the surrendering of the parking stickers and tags.
It is the responsibility of the seller's legal counsel to inform the buyer's legal counsel that there is a non-refundable contribution, in the amount of $1,500.00 for working capital to be paid at the time of closing by the buyer. Payment is made payable to Aspen Knolls Estates H.O.A.
The Offering Plan/Prospectus is $150.00 made payable to Aspen Knolls Estates HOA. It is done in binder form and includes the plan, the policy & procedure handbook, the specs on the unit being purchased, emergency preparedness information, homeowner maintenance handbook, a neighborhood reference guide and copies of any paperwork requested from this office in regards to the sale of the home. Management requires 3 days formal notice/request for production purposes.
Evidence of Insurance: The home IS NOT COVERED by the HOA insurance. In the event that Evidence of Insurance for the common grounds/areas is required, please follow the instructions below.
1. The address and or owner will not be listed on the certificate. The H.O.A. is only responsible for the upkeep and maintenance of the roofing and siding of the home. Neither the Lender nor owner's information will be on the Evidence of Insurance since it can possibly be misconstrued that the owner and or lender is an additional insured.
2. The owner must have H O 3 Insurance that includes full cost of replacement of the home, roofing, siding and foundation. There is a $150.00 fee, which must be paid prior to the release of the certificate.
3. PUD Form OR Questionnaire: is a $125.00 fee, which must be paid, in advance by the buyer.
Post closing: In the event that the buyer(s) do not speak English, they will need a translator when they come into the Management Office to register as owners in the community. The Rules, policy, procedure & parking rules, (including how the parking stickers and tags work), cannot be properly communicated if the buyer does not speak English. Management and or the BOD will not be responsible for any miscommunication.
Please do not hesitate to email any inquiries to: lcsmgtclosings@gmail.com
LCS Mgt. Services, A/A/F Aspen Knolls Estates, Inc.
The Offering Plan/Prospectus is $150.00 made payable to Aspen Knolls Estates HOA. It is done in binder form and includes the plan, the policy & procedure handbook, the specs on the unit being purchased, emergency preparedness information, homeowner maintenance handbook, a neighborhood reference guide and copies of any paperwork requested from this office in regards to the sale of the home. Management requires 3 days formal notice/request for production purposes.
Evidence of Insurance: The home IS NOT COVERED by the HOA insurance. In the event that Evidence of Insurance for the common grounds/areas is required, please follow the instructions below.
1. The address and or owner will not be listed on the certificate. The H.O.A. is only responsible for the upkeep and maintenance of the roofing and siding of the home. Neither the Lender nor owner's information will be on the Evidence of Insurance since it can possibly be misconstrued that the owner and or lender is an additional insured.
2. The owner must have H O 3 Insurance that includes full cost of replacement of the home, roofing, siding and foundation. There is a $150.00 fee, which must be paid prior to the release of the certificate.
3. PUD Form OR Questionnaire: is a $125.00 fee, which must be paid, in advance by the buyer.
Post closing: In the event that the buyer(s) do not speak English, they will need a translator when they come into the Management Office to register as owners in the community. The Rules, policy, procedure & parking rules, (including how the parking stickers and tags work), cannot be properly communicated if the buyer does not speak English. Management and or the BOD will not be responsible for any miscommunication.
Please do not hesitate to email any inquiries to: lcsmgtclosings@gmail.com
LCS Mgt. Services, A/A/F Aspen Knolls Estates, Inc.
As per the Offering Plan, ARTICLE VI. MEMBERSHIP, Section 3:
Transfer of Membership. Membership in the Association shalI be appurtenant to, and may not be transferred except in conjunction with the lawful sale or conveyance of, a Home or Lot. No Owner shall be permitted to sell or convey his or her Home or Lot unless and until he or she shall have paid in full to the Board all unpaid Common Expenses and other amounts required by the Board to be paid and assessed by the Board against such Home or Lot. Upon such sale or conveyance, the seller of such Home or Lot shall relinquish his or her membership in the Association and the purchaser of such Home or Lot shall automatically become a Member, subject to this Declaration, the By-Laws and the rules and regulations.
Please be advised as per Article XII, Section 1, pages 164/25 - 165/26, titled “Leasing Restrictions” In the Offering Plan Paragraph (r) it states “No rentals are permitted in any home within the development”.
Please be further advised as per Article XIV, Section 1, pages 200/19 – 201/20 “Selling, Leasing and Gifts of Homes, paragraph one: “All rental and leasing is strictly prohibited in the Development, except as provided in Article XII of the Declaration as to any leasing of a Single family dwelling Unit in a (3) family Baybridge Model.
PLEASE TAKE NOTICE that the Declaration, By-Laws and House Rules of Aspen Knolls Estates Home Owners Association Inc. prohibit the use of any unit for rental and/or leasing purposes, and by extension, are to be occupied by owners and their immediate family members, (parent and or children) only.
NO FLIPPING. There is no purchasing of a home to "Flip". The homes are not investment properties to be purchased, upgraded and re-sold as soon as possible. Buyers must live in the home, keep the home in their possession NO LESS than 12 months after the date of closing. Should the sale be found to be for purposes of Flipping, the HOA will instruct legal counsel to proceed accordingly.
In the event any sale to found to be for investment/flipping purposes, accordingly, immediate representation and undertaking is required to establish, to the satisfaction of the Board of Directors that the premises will be sold and transferred to an individual owner for residential use only. The Board of Directors and Management shall not issue any approval of same and/or shall seek an injunction to prevent the proposed transaction, the costs of which shall be charged to the Seller's Association account.
Below is a list of what forms are normally requested from management in regards to the sale of any home and the fees for each.
Please be further advised as per Article XIV, Section 1, pages 200/19 – 201/20 “Selling, Leasing and Gifts of Homes, paragraph one: “All rental and leasing is strictly prohibited in the Development, except as provided in Article XII of the Declaration as to any leasing of a Single family dwelling Unit in a (3) family Baybridge Model.
PLEASE TAKE NOTICE that the Declaration, By-Laws and House Rules of Aspen Knolls Estates Home Owners Association Inc. prohibit the use of any unit for rental and/or leasing purposes, and by extension, are to be occupied by owners and their immediate family members, (parent and or children) only.
NO FLIPPING. There is no purchasing of a home to "Flip". The homes are not investment properties to be purchased, upgraded and re-sold as soon as possible. Buyers must live in the home, keep the home in their possession NO LESS than 12 months after the date of closing. Should the sale be found to be for purposes of Flipping, the HOA will instruct legal counsel to proceed accordingly.
In the event any sale to found to be for investment/flipping purposes, accordingly, immediate representation and undertaking is required to establish, to the satisfaction of the Board of Directors that the premises will be sold and transferred to an individual owner for residential use only. The Board of Directors and Management shall not issue any approval of same and/or shall seek an injunction to prevent the proposed transaction, the costs of which shall be charged to the Seller's Association account.
Below is a list of what forms are normally requested from management in regards to the sale of any home and the fees for each.