Property disclosure question

[Mohamed Nagoor]

Hello BP Team,

Am in the process of purchasing my 1st flip. In the Property Disclosure -> Covenants, Fees and Assesment section, the seller marked YES to Q:

Is the property subject to a recorded Declaration of Covenants, Conditions and Restrictions (CC & R"s) or other similar restrictions.

No explanation notes were provided. When my agent checked with the seller's agent he responded - 

"At one time, there was one. But, he hasn't paid into anything for years."

All of the HOA questions were answered negative, meaning no HOA currently.

My only concern is when I'm selling I still have to mark YES to this question and how do I explain this.

My agent feels this is not an issue and I made my offer. Waiting to hear back. 

Anything I should be concerned/ actions taken before I close?