The Infamous Association Packet10:36 PM
The more transactions that go by the more I'm starting to wonder why associations charge so much for their packets. When a contract comes through in the State of Virginia, the seller is responsible to pay for a recent association packet to provide to the buyer. These packets of information typically include the Covenants, governing documents, budget, meeting minutes, resale disclosure statement, certificate of insurance, annual report, financials and so on.
I am in no way trying to insult anyone's job, but is it really difficult to compile all of these documents? They are updated probably at each quarter and not much can possibly change. Does it cost that much to copy and paste? Some associations charge as much as $250 for one of these packets. And let's not forget what they bill the appraisers, closing attorneys and lenders for the information needed for closing.
When you have a Seller who is ready to move on and unload their property, it can be difficult to explain to them they will have to spend another few hundred dollars to purchase documents that they already own.
The Buyer is then given the opportunity to walk away if they do not agree with the information included in said documents.
My point is why not give the Seller a break and release these documents free of charge. I would like to know where the money is going. Seems a little steep to me.