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The ability of the homeowner's association to make assessments may be considered a risk if any costly repairs or improvements are made in the future. When you purchase property in a planned community with a homeowner's association with rules, regulations, restrictive covenants and financial obligations you agree to all those terms by your acceptance of the deed. Study them well before making your decision. They are available for your review at the land records office. Caveat: the recorded documents, and amendments, are the ones that are operative so they are the ones that should be reviewed. Unrecorded copies that circulate may be inaccurate, incomplete or outdated.

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