11. Sharing assessment information
When sharing information about assessments with potential buyers, you should provide a comprehensive breakdown of each assessment made during the last three years. This breakdown should include the purpose of each assessment, the specific expenses it aimed to cover, and any improvements or repairs funded by the assessments. By offering this level of detail, you enable potential buyers to understand the financial commitments associated with the property and assess whether these assessments align with their budget and expectations.
Here is a breakdown of the steps and considerations:
| Providing comprehensive information | Offer a breakdown of each assessment made during the last three years. This breakdown should be detailed and comprehensive, covering various aspects. |
| Purpose of each assessment | Clearly articulate the purpose behind each assessment. Whether it is for routine maintenance, repairs, improvements, or other communal expenses, potential buyers should have a clear understanding of why assessments were imposed. |
| Expenses covered | Specify the specific expenses that each assessment aimed to cover. This could include costs related to landscaping, building maintenance, insurance premiums, or any other shared services. Providing a detailed overview ensures that potential buyers know exactly where their financial contributions would be directed. |
| Improvements or repairs funded | Highlight any improvements or repairs funded by the assessments. This information gives potential buyers insights into the condition and enhancements made to the property over the specified time frame. It also showcases the association's commitment to maintaining and enhancing the community. |
| Enabling informed decision-making | By offering this level of detail, you empower potential buyers to make informed decisions. They can assess whether the assessments align with their budget and expectations for the property. This transparency fosters trust and helps build a positive relationship between the Commonhold Association and prospective homeowners. |
| Ensuring accessibility | Make the assessment information easily accessible to potential buyers. Provide documents such as annual financial statements, meeting minutes, and communication regarding assessments. This ensures that buyers have the necessary documentation to review and understand the financial history of the property. |
| Promptly addressing inquiries | Be prepared to address any inquiries or concerns raised by potential buyers regarding assessments. Prompt and clear communication is essential to building trust and confidence in the property purchase process. |
By adhering to these steps and providing a comprehensive breakdown of assessment information, you not only meet the expectations of potential buyers but also contribute to a transparent and positive experience in the property transaction process.