If you live in a homeowners association (HOA) in Arizona, you have the right to request and review certain HOA documents. Being informed about your HOA's finances, policies, and operations is important to understand how your community is run. Here are some of the documents you can ask for as a homeowner:
CC&Rs: The covenants, conditions and restrictions (CC&Rs) outline the rules and regulations of the community. This foundational document specifies homeowners' rights and responsibilities.
Bylaws: The bylaws establish operational procedures for the HOA, like voting rights, elections, meetings, powers of the board, and more.
Budgets and Financial Statements: You can request to see periodic budgets and year-end financial statements, including balance sheets, income/expense statements, bank account reconciliations, and reserve account balances. This provides transparency into HOA fees and community funds.
Meeting Minutes: All homeowners can access minutes from recent HOA board and committee meetings. Meeting minutes offer a summary of the discussions and decisions.
Contracts and Agreements: Homeowners can review current maintenance, service and management contracts the HOA has established with vendors and contractors.
Insurance Policies: The HOA's current property, general liability, director and officer liability, and other insurance policies can be requested. Policies show the coverage amounts and types.
Arizona HOAs are required to provide these documents in a timely manner when requested by a homeowner. Carefully reviewing them keeps you informed on issues impacting you and your property investment. Consider requesting these documents from your HOA periodically or when questions arise on community governance.