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Updated over 4 years ago,
General Question re HOA rules
Hi BP Community,
I'm about to make my first offer for a house hack. It's a condo where I can add an extra bedroom (got the ok from the board). I was going through their guidelines and noticed this line :
"If Purchaser fails to perform under the Agreement,
repudiates the Agreement or otherwise prevents the performance
thereof by his own action (including failure to (1) provide
required documentation for any mortgage loan, or (2)
because of any material willful overstatement of his cash
or net worth in any mortgage application ), Sponsor may ,
at its option, cancel the Agreement and retain up to 10%
of the total purchase price, plus all monies paid for
optional extras installed , as liquidated damages."
I'm brand new to REI and just wanted to know if this was normal / what language I should have in my contract to get out of the deal if need be. Also, was wondering how an HOA's guidelines could be enforced as I am just a potential buyer and at present have no agreement with the HOA. Any insight is appreciated. Thanks in advance!