Seller question
How does HOA or condo association approval affect my closing?
Short answer
Many associations must approve the buyer before the sale can close, so the approval process becomes part of your timeline. Factor it in early.
What to find out before you list
- Whether your association requires an application or approval of buyers
- What the buyer has to submit, and any application fee
- How long the association usually takes to respond
- Current fees, and any special assessments
Planning around it
Closings can be planned around approval and lender timelines, including association approval. Timing depends on the association, the lender and the other parties involved.
For condominiums, buyers and their lenders also ask for association documents such as the budget, reserves and recent building inspection reports. Having them ready helps.