Disclosure Package
Because of the special scheme of property ownership and authority found in homeowner associations, prospective purchasers need to know the various rights, responsibilities and authorities of the association and its members before they buy. They also need to know that the property is in good standing with the association in regard to its assessment account and its compliance with the covenants, conditions and restrictions of the governing documents. To accomplish this, the Property Owners Association Act requires the seller to provide an association-prepared package to the purchaser that discloses that the lot is located in a property owners’ association subject to all provisions and requirements of the Act.
To obtain a Lakevale disclosure package, please contact the Vice President at vp@lakevale.org, or see the Neighborhood Contact List for the telephone number of the current Vice President.