Before you purchase with an HOA
 

Before purchasing in an HOA community, you will want to research their rules and deed restrictions, reserve funds, budget, bylaws, and documents of the association. You should acquire a copy of the HOA’s operating financial statement so that you understand how the HOA fees are being allocated and ensure the reserve fund is adequately funded.
 

Reserve funds are used for the large projects such as replacements or repairs within the homeowners’ association. The funds usually have strict criteria for how they are to be used. The criteria is based on the HOA community rules and regulations, bylaws accountability. Some examples of the reserve fund use are:

• Playground equipment, neighborhood parks, tennis courts, racquetball courts, and basketball courts

• Replacing fencing in HOA controlled areas.

• Painting of community association buildings

• Repairs on the community pools such as new pool pumps, pool heaters, pool deck repairs or refinishing etc.

• Construction and major renovations such as sidewalk projects and private roads, lake repairs

• Roof replacement on common area buildings such as the pool building

This is just a brief look at a few examples of major projects that the reserve fund may be used for. Community-wide there may hundreds of items the HOA board is responsible for, so check your governing documents. To get a copy of the governing documents for SHERWOOD LAKES HOMEOWNERS ASSOCIATION you can obtain from the sellers or contact the Sherwood Lakes office at (561) 439-5900 or email at sherwood@sherwoodhoa.net.

 

           

To access our buyer/renter application
 

Simply visit https://www.applyfastnow.com/ and enter one of the applicable codes below:

• Buyer - Sherwoodpurchase

• Lease (renter) - Sherwoodlease

• Guest (children over 18 or roommate) - Sherwoodguest