REALTOR LISTING & SALES GUIDE

SECTION 1: CRITICAL OVERVIEW (READ THIS FIRST)

Northlake is NOT a typical condo community. It has:

  • Strict rental restrictions (15% cap)

  • Strong rule enforcement

  • No signage or open houses

  • High HOA involvement in compliance

If you do not understand these items before listing, you will create deal issues, buyer frustration, and potential legal exposure.

SECTION 2: PRICING STRATEGY (HIGHLY IMPORTANT)

Q: Why does pricing matter more here than other communities?

A: Northlake is highly sensitive to sale prices due to:

  • Comparable impact across units

  • Financing implications for buyers

  • Board awareness of below-market transactions

Reality:

  • Sales significantly below market can trigger:

    • Increased scrutiny

    • Potential First Right of Refusal considerations (if applicable per governing docs)

    • Negative ripple effect across community values

Realtor Guidance:

  • Do NOT underprice to “move it quickly”

  • Understand recent comps inside Northlake—not outside communities

  • Be prepared to justify pricing if below trend

SECTION 3: RENTAL RESTRICTIONS (BIGGEST DEAL KILLER)

Q: Can buyers rent the unit?

A: Not unless they meet ALL of the following:

  1. Community is below the 15% rental cap

  2. Buyer occupies the unit for 24 consecutive months

  3. Buyer applies and is approved

  4. Buyer may need to wait on a waiting list

Q: What should you NEVER say in a listing?

Do NOT say:

  • “Great investment property”

  • “Can be rented”

  • “Airbnb opportunity”

These are false or misleading in most cases.

Q: What IS accurate to say?

  • “Subject to HOA rental restrictions”

  • “Rental cap and waiting list may apply”

Q: What happens if you misrepresent this?

  • Buyer may terminate contract

  • Legal exposure for agent

  • Closing delays or cancellations

SECTION 4: SHOWINGS & MARKETING RESTRICTIONS

Q: Can I put up a “For Sale” sign?

A: No. Absolutely prohibited.

Q: Can I hold an open house?

A: No. Open houses are not permitted.

Q: How must showings be conducted?

A:

  • By appointment only

  • Controlled access

  • No public marketing events onsite

Realtor Strategy:

  • Use digital marketing heavily

  • Pre-qualify buyers before showing

  • Set expectations before they arrive

SECTION 5: HOA FEES & FINANCIALS

Q: What are the dues?

  • 2BR: $361/month

  • 3BR: $420/month

Q: What do dues include?

  • Water, sewer, trash

  • Exterior maintenance

  • Landscaping

  • Amenities

  • Insurance (common elements)

Q: What buyers will ask (be ready):

  • “Why are dues this amount?”

  • “What’s included?”

  • “Any special assessments?”

Q: Are there special assessments?

A:

  • Currently none planned (subject to change)

SECTION 6: PARKING (COMMON ISSUE DURING SHOWINGS)

Q: How many spaces per unit?

  • 2 total:

    • 1 reserved

    • 1 open

Q: Are decals required?

Yes:

  • $15 per decal

  • Required for all vehicles

Realtor Tip:

  • Warn buyers ahead of showing

  • Improper parking = fines or towing

SECTION 7: BOAT SLIPS (MAJOR SELLING FEATURE)

Q: Does the unit come with a boat slip?

A:

  • No (separate lease)

  • Limited availability

Q: Pricing:

  • Covered: $2,400/year

  • Uncovered: $1,800/year

Q: Key restrictions:

  • No transferring with sale

  • Waiting list applies

  • Annual application required

Q: What NOT to say:

  • “Comes with a slip”

  • “Guaranteed boat access”

Q: What you CAN say:

  • “Boat slips available through HOA (subject to availability)”

SECTION 8: PROPERTY USE RESTRICTIONS (BUYER EXPECTATIONS)

Q: Can buyers renovate freely?

A: No.

Requires:

  • HOA approval

  • Possible structural engineer letter

Q: Common buyer surprises:

  • No grills on balconies

  • No storage on decks

  • Strict exterior rules

  • Limited personalization

Q: Why this matters:

These are often post-contract objections if not disclosed early.

SECTION 9: AMENITIES & LIFESTYLE POSITIONING

Amenities include:

  • Pool

  • Clubhouse

  • Fitness center

  • Tennis courts

  • Lake access

Positioning Strategy:

Sell Northlake as:

  • Low-maintenance living

  • Amenity-rich

  • Structured and well-managed

NOT:

  • Flexible

  • Investor-friendly

  • Customizable

SECTION 10: COMMON DEAL BREAKERS (READ CAREFULLY)

These are the top reasons deals fall apart:

1. Rental misunderstanding

Buyer thinks they can rent → they cannot

2. Rule shock

Buyer unaware of:

  • No grills

  • No signage

  • Strict enforcement

3. Parking confusion

Guests / buyers parked incorrectly during showing

4. Boat slip assumptions

Buyer assumes inclusion or availability

5. HOA authority concerns

Buyer not comfortable with structured governance

SECTION 11: HOW TO PROTECT YOUR DEAL

Before Listing:

  • Review all HOA documents

  • Confirm dues and restrictions

  • Understand rental cap status

Before Showing:

  • Pre-qualify buyer expectations:

    • Primary residence?

    • Investor?

    • Lifestyle fit?

Before Contract:

  • Clearly disclose:

    • Rental restrictions

    • HOA rules

    • Fees

Before Closing:

  • Ensure buyer:

    • Registers with HOA

    • Understands portal usage

    • Knows payment structure

SECTION 12: REQUIRED DISCLOSURE LANGUAGE (RECOMMENDED)

Agents should include language similar to:

“Northlake Condominiums is a deed-restricted community with an active homeowners association. Rental restrictions, architectural controls, and use limitations apply. Buyers are responsible for reviewing all governing documents prior to purchase.”

SECTION 13: FIRST RIGHT OF REFUSAL (FROR) – CRITICAL CLOSING REQUIREMENT

Q: Does the HOA have a First Right of Refusal?

A: Yes. Northlake Condominiums reserves the right to exercise a First Right of Refusal (FROR) on all unit sales pursuant to the Master Deed.

This means:

  • The Association (or its designee) has the right to step into the buyer’s position and purchase the unit under the same terms and conditions of the contract.

  • No closing can occur until the Association has either:

    • Issued a formal Waiver of First Right of Refusal, or

    • Exercised its right

Q: Why is this important for Realtors?

A:
Failure to properly handle FROR will:

  • Delay closing

  • Jeopardize financing timelines

  • Potentially cancel contracts

  • Create liability for misrepresentation or lack of disclosure

Q: When should FROR be submitted?

A:
Immediately upon ratification of the contract.

Do NOT wait until:

  • Final walkthrough

  • Week of closing

  • Attorney requests documents

This is one of the most common causes of delayed closings at Northlake.

Q: What triggers potential FROR concern?

A:
The Board is more likely to evaluate exercising FROR when:

  • Sale price is below market value

  • Transaction appears non-arm’s length

  • Sale may negatively impact comparable values within the community

Q: What information is REQUIRED to obtain a Waiver?

The following must be submitted in full:

  1. Fully executed purchase agreement

  2. Final agreed-upon sale price

  3. Unit #

  4. Sellers Name(s)

  5. Buyer name(s)

  6. Buyers Current Address

  7. Buyers Phone Numbers

  8. Buyers Email Address

  9. Closing Attorney

  10. Closing Attorney Contact

  11. Closing Attorney Address

  12. Closing Attorney Phone Numbers

  13. Closing Attorney Email Address

  14. Closing date

  15. Any addenda or amendments to the contract

  16. Buyer intent (owner-occupant vs. investment—if known)

Q: Where should this be sent?

A:
Submit to:

(Include “FROR Request – Unit [#]” in subject line)

Q: How long does it take to receive a waiver?

A:

  • Standard review timeframe: up to 30 days (per governing authority)

  • In practice, responses are often sooner if complete information is submitted

Incomplete submissions will delay review.

Q: Can closing occur without a waiver?

A:
No.

A Waiver of First Right of Refusal is a mandatory closing requirement.

Closing attorneys will require:

  • Written waiver from the HOA

  • Confirmation no exercise has occurred

Q: What happens if the HOA exercises FROR?

A:

  • The Association (or its designee) replaces the buyer

  • Terms remain exactly the same as the contract

  • Original buyer is released

Q: What are common Realtor mistakes with FROR?

  1. Waiting too long to submit

  2. Not including full contract package

  3. Not disclosing true sale price

  4. Assuming waiver is automatic

  5. Failing to prepare buyer for possibility of delay

Q: How do you protect your deal?

Best practices:

  • Submit FROR same day contract is executed

  • Ensure contract reflects true market value

  • Communicate upfront with buyer about HOA involvement

  • Follow up proactively with management

NOTE TO REALTORS

The First Right of Refusal is not a formality—it is an active protection mechanism for the community’s property values.

If handled correctly:

  • It is smooth and procedural

If handled incorrectly:

  • It will delay or derail your closing

SECTION 14: FINAL REALTOR TAKEAWAYS

If you remember nothing else:

  1. This is NOT an investor community

  2. Rentals are heavily restricted

  3. Rules are actively enforced

  4. Pricing impacts the entire community

  5. Misrepresentation will kill your deal

  6. Your lack of planning does not constitute an emergency on the HOA’s part.