COMMON-INTEREST COMMUNITIES Clause Samples
The "Common-Interest Communities" clause defines the rights and obligations of parties within a shared property development, such as condominiums or homeowners associations. It typically outlines how common areas are managed, the allocation of maintenance responsibilities, and the rules for use of shared amenities. For example, it may specify how costs for repairs are divided among unit owners or set forth procedures for resolving disputes over common property. The core function of this clause is to ensure orderly management and fair use of shared resources, thereby preventing conflicts and clarifying responsibilities among community members.
COMMON-INTEREST COMMUNITIES. If the Property is subject to a Common Interest Community (“CIC”), Seller or his authorized agent shall request the CIC documents and certificate listed in NRS 116.4109 (collectively, the “resale package”) within two (2) business days of Acceptance and provide the same to Buyer within on (1) business day of Seller’s receipt thereof. Buyer may cancel this Agreement without penalty until midnight of the fifth (5th) calendar day following the date of receipt of the resale package. If Buyer does not receive the resale package within fifteen (15) calendar days of Acceptance, this Agreement may be cancelled in full by Buyer without penalty. If Buyer elects to cancel this Agreement pursuant to this section, he must deliver, via hand delivery or prepaid U.S. mail, a written notice of cancellation to Seller or his authorized agent identified in the Confirmation of Representation at the end of this Agreement. Upon such written cancellation, Buyer shall promptly receive a refund of the EMD. The parties agree to execute any documents requested by ESCROW HOLDER to facilitate the refund. If written cancellation is not received within the specified time period, the resale package will be deemed approved. Seller shall pay all outstanding CIC fines or penalties at ▇▇▇.
COMMON-INTEREST COMMUNITIES. If the Property is subject to a Common Interest Community (“CIC”),
COMMON-INTEREST COMMUNITIES. If Property is located within a Common Interest Community (“CIC”), Owner understands and agrees Broker is not involved in and has no control over the CIC. Owner understands the CIC’s Declarations of Covenants, Conditions a Restrictions (“CC&Rs”) may restrict the leasing of the Property, and it is Owner’s sole responsibility to determine whether the property is so affected. Broker assumes no liability for any costs associated with a tenant’s move-out. Broker assumes no liability of understanding or complying with the CC&Rs, and has no responsibility for any future amendments or additions to the CC&Rs. Owner remains solely responsible for assessments, violations and fines/fees payable to the CIC, and agrees to reimburse Broker for any such assessments, ▇▇▇▇ or fee which Broker may pay on Owner’s behalf. Any subsequent and separate notice which identifies Broker as Owner’s property manager will not affect the terms of this section. Owner must promptly notify CIC of Broker’s role as property manager for Owner with respect to Property and request copies of all future correspondence from CIC concerning property be sent to Broker.
COMMON-INTEREST COMMUNITIES. If the Property is subject to a Common Interest Community ("CIC"), 21 Seller shall provide AT SELLER's EXPENSE the CIC documents as required by NRS 116.4109 (collectively, the "resale 22 package"). Seller shall request the resale package within two (2) business days of Acceptance and provide the same to Buyer 23 within one (1) business day of Seller's receipt thereof. 24
COMMON-INTEREST COMMUNITIES. The General Assembly considered two bills addressing common interest communities. Current law authorizes the creation of common interest communities to be governed by unit owners' or homeowners' associations (HOAs). Currently, there are approximately 12,000 common interest communities or HOAs in Colorado. House Bill 10-1278 creates an HOA information officer and HOA Information and Resource Center in the Division of Real Estate, under the Department of Regulatory Agencies. The center will serve as a clearinghouse for information concerning the rights and duties of unit owners, declarants, and unit owners' associations. The office may also track inquiries and complaints concerning HOAs.
COMMON-INTEREST COMMUNITIES. If the Property is subject to a Common Interest Community (“CIC”), 40 Seller shall provide AT SELLER’s EXPENSE the CIC documents as required by NRS 116.4109 (collectively, the “resale 41 package”). Seller shall request the resale package within two (2) business days of Acceptance and provide the same to Buyer 42 within one (1) business day of Seller’s receipt thereof. Buyer’s Name: ▇▇▇▇▇ ▇. ▇▇▇▇ Property Address: 225 ▇▇▇▇ CRT Mesquite 89027 BUYER(S) INITIALS: / SELLER(S) INITIALS: / 2 Pursuant to NRS 116.4109, Buyer may cancel this Agreement without penalty until midnight of the fifth (5th) 3 calendar day following the date of receipt of the resale package. If Buyer elects to cancel this Agreement pursuant 4 to this statute, he/she must deliver, via hand delivery or prepaid U.S. mail, a written notice of cancellation to Seller or 5 his authorized agent.