What documentation is essential for a buyer to review when purchasing a property under homeowners association rules?

When purchasing a property that is governed by homeowners' association (HOA) rules, it is crucial for a buyer to review the governing documents and a disclosure statement. The governing documents typically include the declaration of covenants, conditions, and restrictions (CC&Rs), bylaws, and rules and regulations that dictate how the community operates and what is expected of property owners. These documents are essential as they outline the rights and responsibilities of both the homeowners and the association, and they inform buyers about any restrictions or obligations they must adhere to after purchase.

The disclosure statement is another important document that provides essential information about the property and the HOA, including any pending litigations, assessments, or financial obligations the buyer might encounter. Together, these documents help the buyer make an informed decision about whether or not to proceed with the purchase, as they provide clarity on the community's rules and the financial health of the homeowners' association.

While other options include documents that could be important in a real estate transaction, they do not specifically address the unique requirements related to homeowners' associations. The sales contract and property appraisal, for example, are more focused on the transaction itself rather than the specific governance issues and community obligations that an HOA entails. Similarly, while financial statements can provide