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Association Documents

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Condo Questionnaire Information:

A $200.00 Condo Questionnaire fee can be paid by check (mailed or overnighted) or credit card (fee of $7.00). Once the payment is received, we will complete it within 72 business hours. *Please be advised that no addendums will be completed, no questions about structural integrity or deferred maintenance will be answered, etc. We reserve the right to refuse this portion of the questionnaire. As you can imagine, the liability of these questions to the Association and Management Company is quite large since we are not experts in this field. If this is a part of your questionnaire, please know that Waves will not complete it. And no refunds will be issued.

Please acknowledge the above before proceeding with payment—no refunds will occur. By submitting your payment, you acknowledge that you have read and understood the language.

*There is a $7.00 fee for credit card payments, and the party holding the card is the party to whom the invoice must be sent. Please email JessicaS@wavesassocmgmt.com for an invoice. Include the building name/unit number and the party seeking the questionnaire for the property.

Closing/Dues Request Transfer Fee is $100.00, payable to Waves Association Management, LLC.

Realtors:

32. Condominium Disclosures:

If the Property is a CONDOMINIUM, Seller shall obtain from the Condominium Owner's Association (as applicable) and deliver to the Buyer within ____ Business Days (5 Days if left blank) following Acceptance Date of the Agreement to submit to Buyer the following information, including information available under Section 35-8A-409 (a) of the Alabama Uniform Condominium Act:

a. Recorded Declaration of Condominium and any amendments thereto, Bylaws, Covenants/Restrictions, Rules/Regulations. SEE ABOVE IN BLUE- Click and reveal documents for download or sharing.

b. Minutes from last 2 Annual Owners Meetings and last 2 Board of Director's Meetings. Available to the owner, they will need to log in and email them to the agent.

c. A statement setting forth the amount of the monthly common expense assessment and any unpaid common expense or special assessment currently due and payable from the selling unit owners. Monthly association dues are $500.00 per month, due on the 1st and considered late after the 15th with a $25.00 late fee and 1.5% interest.

d. A statement of any other fees payable by unit owners. Upon closing, there is a $100.00 transfer fee made payable to Waves Association Management is required. New units are required to pay a $750.00 capital contribution fee.

e. The most recent regularly prepared balance sheet and income and expense statement, if any, of the association. Available to the owner, they will need to log in and email them to the agent.

f. The current operating budget of the association. Available to the owner, they will need to log in and email them to the agent.

g. A statement of any unsatisfied judgments against the association and any pending suit in which the association is a party. To my knowledge, there are no unsatisfied judgments against the association or pending lawsuits in which the association is a party to.

h. A statement describing any insurance coverage provided for the benefit of unit owners. Please contact Alabama Insurance Agency Inc. at (251) 843-3151.

i. A statement of the remaining term of any leasehold estate affecting the condominium and the provisions governing any extension or renewal thereof. To my knowledge, there are no leasehold estates affecting the condominium.

j. A statement of any restrictions in the declaration affecting the amount that may be received by a unit owner upon sale, condemnation, casualty loss to the unit or condominium or on termination of the condominium. If there are any restrictions they are outlined in the Declarations and owners are encouraged to review association documents for stated restrictions.

k. Contact information for the association. Waves Association Management, L.L.C., 191 Northshore Cir., Suite 100, Foley, Alabama 36542. Phone: 251-943-7410

Buyer shall have 5 Business days, from receipt of disclosures to review and approve, or notify Seller in writing if not satisfactory, otherwise, this contingency shall be deemed removed.

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