There is a $200.00 Condo Questionnaire fee which can be paid by check (mailed or overnighted) or by credit card (fee of $7.00). Once the payment is received, we will complete it within 72 business hours. *Please be advised that at this time there will be no addendums completed or questions answered in reference to structural integrity or deferred maintenance etc., until the associations attorney reviews and provide us a written correspondence. There is not a timeline we can provide you for this and we reserve the right to refuse this portion of the questionnaire. As you can imagine the liability these questions place on the Association and Management Company is quite large since we are not experts in this field. If this is a part of your questionnaire, please note it will not be completed by Waves.
Please email me and indicate how you wish to pay and email the questionnaire.
32. Condominium Disclosures:
If the Property is a CONDOMINIUM, Seller shall obtain from the Condominium Owner's Association (as applicable) and deliver to the Buyer within ____ Business Days (5 Days if left blank) following Acceptance Date of the Agreement to submit to Buyer the following information, including information available under Section 35-8A-409 (a) of the Alabama Uniform Condominium Act:
a. Recorded Declaration of Condominium and any amendments thereto, Bylaws, Covenants/Restrictions, Rules/Regulations. SEE ABOVE IN BLUE- Click and reveal documents for download or sharing.
b. Minutes from last 2 Annual Owners Meetings and last 2 Board of Director's Meetings. Available to the owner, they will need to log in and email them to the agent.
c. A statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owners. Monthly association dues are $430.00 per month, due on the 1st and considered late after the 15th with a $25.00 late fee and 1.5% interest.
d. A statement of any other fees payable by unit owners. Upon closing, there is a $100.00 transfer fee made payable to Waves Association Management is required. New units are required to pay a $500.00 capital contribution fee.
e. The most recent regularly prepared balance sheet and income and expense statement, if any, of the association. Available to the owner, they will need to log in and email them to the agent.
f. The current operating budget of the association. Available to the owner, they will need to log in and email them to the agent.
g. A statement of any unsatisfied judgments against the association and any pending suit in which the association is a party. To my knowledge, there are no unsatisfied judgments against the association or pending lawsuits in which the association is a party to.
h. A statement describing any insurance coverage provided for the benefit of unit owners. Please contact Burkholder Insurance at 251-445-0732.
i. A statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof. To my knowledge, there are no leasehold estates affecting the condominium.
j. A statement of any restrictions in the declaration affecting the amount that may be received by a unit owner upon sale, condemnation, casualty loss to the unit or condominium or on termination of the condominium. If there are any restrictions they are outlined in the Declarations and owners are encouraged to review association documents for stated restrictions.
k. Contact information for the association. Waves Association Management, L.L.C., 191 Northshore Cir., Suite 100, Foley, Alabama 36542. Phone: 251-943-7410
Buyer shall have 5 Business days, from receipt of disclosures to review and approve, or notify Seller in writing if not satisfactory, otherwise, this contingency shall be deemed removed.