About Rick Stone, Broker/Owner, CRS, ABR, GRI Expertise I am a licensed Real Estate Broker working in the surrounding Cabo san Lucas, Mexico. I have worked the past 11 years in Virginia and Washington DC. I have also represented a custom home builder for a number of years, served as chairperson for my HOA Architectural Review Board and closed hundreds of transactions. I will do my best to respond to any related questions regarding the buying or selling of real estate.
Questions can be regarding your search in finding a great agent to work with and what to do with a bad one. Real estate agency, contract issues, home inspections, real estate investing and property disclosure issues. I'll do my best and wave my magic wand to get you out of problems concerning your builder or be happy to tell you what you should had known before you wrote the contract or before you do. How do you buy or sell raw land, tear down an old house and rebuild new, and all you should know about waterfront properties are good questions too.
I will say this, I am candid with my reposnces and do my very best to offer advice that may teach but there are cases where if as Forrest Gump's mother would say, "stupid is what stupid does" or something like that, I may have to scold you to get my point across.
Experience I'm proud to achieved the following professional real estate designations: CRB, Council of Real Estate Brokers - CRS, Certified Residential Specialist - GRI, Graduate of the Realtors Institute and ABR, Accredited Buyers Representative. I am a member of the National Association of REALTORS, Mexican Association of REALTORS (AMPI) and the Los Cabos MLS. I own and sell waterfront properties so I can address issues related to living on the water. I represented a custom builder for many years and have sold hundreds of new homes so, fire away with your questions regarding new home construction.
I'll do my best to be straight up and help if I can or I will tell you if I can not and who to contact in that event. I am not an attorney and can not provide legal advice. If you are having a dispute with a seller or buyer who has failed to live up to the contract terms, or a tenant that is always late with paying their rent, while I may not be able to help, I may be able to offer suggestions and then who else to contact.
Please, please, please, understand that real estate law, agency and tenant rights / law differs from state to state and so I will best serve those who have problems in Virginia, Washington DC or Mexico. While I am happy to answer all questions from any one who writes me and offer advice, please understnad that in some cases, I may not be able to help you at all. Please tell me what state your property is located in, if you have a problem with commissions, discharging agents, getting out of a contract, do us both a favor, first look in your documents for the language therein and when you write me, please say that you have re-read that wording.
If you have not yet hired your agent, write me for essential questions you should ask first and save yourself a lot of time, agony, misery and possible financial unhappiness.
Expert: Rick Stone, Broker/Owner, CRS, ABR, GRI - 5/17/2008
Question Hi Rick.
I think my question is a long shot for you to address, but it's worth a try... and any ideas for me to maybe research further is appreciated.
We had a set of 5 adjoined townhomes built in Dallas Tx, each considered to be a separate single family home with a separate plat of land. Although 5 legal individual residences, they share: a) a common adjoined roof and b) a common shared walkway to the rear entrance. My question is: if the units are sold individually, is a HOA required to properly handle the 2 shared/common areas, or is there a simpler way around that. e.g. perhaps well written sales contracts that contain appropriate verbiage (written by an attorney) can mean not having to form an HOA?
Thanks
Lee
Answer Hello Lee,
There are two sides to having CC&R's in place.
One side is that you, the developer can control the architectural integrity of your project. Owners will not be able to change exterior color schemes, add pink flamingos and other assorted 'lawn art' to their front yard, leave their RV, boat or ugly, unlicensed car parked our front or somewhere that only moves every third weekend. Five different styles of fencing will not appear nor will a home auto repair shop or doggie kennel.
I will presume that what you are doing is in a neighborhood where your clients will be of such a level in life or considering the price of your homes, you will only attract Owners with an understanding that protecting the value of their home is in part, exercising an educated and or professionally sought blend of good taste and common sense.
On the simpler side then, you can have your attorney draft what is commonly known as a 'Shared Maintenance Agreement'. This Agreement will become an addendum to your sales agreement and will be recorded in the courthouse along with the other transfer documents. It is a separate document with signatures to ensure there will be no later misunderstanding that an Owner 'did not know' their obligations.
This addendum will identify these common areas and state that as an Owner of this community, you agree to, ( and you will need to clearly identify what conditions initiate a need to repair ) equally pony up with no further comment and fix what is required.
Your attorney will understandily draft something far more detailed and ensure all the bases are covered. They will no doubt include something to the effect that if a cheap-ass Owner decides to sell their home after noticing the roof may soon or just has been declared to be in need of repair, that Owner shall pay up prior to closing on their sale. They may even draft a Property Disclosure Form for this Maintainence Agreement that will need to be given to any prospective Buyer. The Disclosure should clearly state that there is or is not any pending assessment for a needed repair.
I hope this gives you food for thought, you may certainly contact me again for more thoughts on this or other questions that may come up. Also too, since I am now living and selling real estate in Cabo san Lucas, look me up on your next visit or tell your friends ;- )
