Monday, August 26th, 2019
There are over 49,000 Common Interest Developments (CID) in the state of California with probably over 9 million people living in them, according to the California Law Revision Commission, citing Levy & Erianger, 2010 California Community Association Statistics 1, (2020). This course is designed to give you the competitive and knowledgeable edge when listing or selling a CID property.
This class will help you understand the terminology, governing documents, transferring of ownership, and many other issues when involved in the sale. This course will provide you with vital information that is correct and current needed to serve this unique market.
How you will benefit from taking this course:
Learn what a CID is and why this has become a popular type of homeownership for so many
Receive the information needed to show, list and sell a CID property
Understand the loans and programs available for financing a CID property
Discover what the necessary documentation is needed by the seller
Review the disclosure documents that are usually included
This course covers:
Definition of a CID
The four types of CIDs
The Homeowner Association
o Violations and Fines
o Board of Directors (BOD)
o Transfer fees
o Governing Documents
o Articles of incorporation
o Subdivision Map
o CC&Rs (including use restrictions)
o Rules and Regulations
o Architectural Standards
Can rules be changed?
What happens when rules are broken?
CIDS Management Companies and their roles
o Professional Management
o Full Management
o Financial Management
Showing and selling CIDS
Financing for CIDS
o Fannie and Freddie Mac (FNMA/FHLMC)
o Portfolio Lending (Banks lending Depositors funds)
o Important HOA factors affecting qualifying buyers