The Infamous Association Packet
10:36 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.
It's ridiculous.
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.
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Thank you for your thoughts...