Nevada Resale Disclosure Las Vegas Valley Community ...

Nevada Resale DisclosureAssociation Name:Subject Property:Seller (First, Last):Contact Email:Subject Address:City:State:Zip:Unit Assessment InformationTotal Current HOA Dues:HOA Assessment Paid:Owner’s current balance as of: Is: $The penalty charged on each delinquent assessment payment is: $The Interest Rate charged on each delinquent assessment payment is:Is the association involved in any current or pending litigation?Additional transfer fees, transaction fees, fees for collecting past due fines and charges foropening or closing any file for each unit and any other fees:Fee/Fine:Amount:Notes:(r_ccrdfm215) Page 1 of 4

limitations that could affect your lifestyle and freedom of choice. You should review the C, C & R’sand other governing documents before purchasing to make sure that these limitations andcontrols are acceptable to you.3. YOU WILL HAVE TO PAY OWNERS’ ASSESSMENTS FOR AS LONG AS YOU OWN YOURPROPERTY?As an owner in a common‐interest community, you are responsible for paying your share ofexpenses relating to the common elements, such as landscaping, shared amenities and theoperation of any homeowner’s association. The obligation to pay these assessments binds you andevery future owner of the property. Owners’ fees are usually assessed by the homeowner’sassociation and due monthly. You have to pay dues whether or not you agree with the way theassociation is managing the property or spending the assessments. The executive board of theassociation may have the power to change and increase the amount of the assessment and to levyspecial assessments against your property to meet extraordinary expenses. In some communities,major components of the community such as roofs and private roads must be maintained andreplaced by the association. If the association is not well managed or fails to maintain adequatereserves to repair, replace and restore common elements, you may be required to pay large,special assessments to accomplish these tasks.4. IF YOU FAIL TO PAY OWNERS’ ASSESSMENTS, YOU COULD LOSE YOUR HOME?If you do not pay these assessments when due, the association usually has the power to collectthem by selling your property in a nonjudicial foreclosure sale. If fees become delinquent, you mayalso be required to pay penalties and the association’s costs and attorney’s fees to become current.If you dispute the obligation or its amount, your only remedy to avoid the loss of your home maybe to file a lawsuit and ask a court to intervene in the dispute.5. YOU MAY BECOME A MEMBER OF A HOMEOWNER’S ASSOCIATION THAT HAS THE POWERTO AFFECT HOW YOU USE AND ENJOY YOUR PROPERTY?Many common‐interest communities have a homeowner’s association. In a new development, theassociation will usually be controlled by the developer until a certain number of units have beensold. After the period of developer control, the association may be controlled by property ownerslike yourself who are elected by homeowners to sit on an executive board and other boards andcommittees formed by the association. The association, and its executive board, are responsiblefor assessing homeowners for the cost of operating the association and the common or sharedelements of the community and for the day to day operation and management of the community.Because homeowners sitting on the executive board and other boards and committees of theassociation may not have the experience or professional background required to understand andcarry out the responsibilities of the association properly, the association may hire professionalmanagers to carry out these responsibilities.Homeowner’s associations operate on democratic principles. Some decisions require allhomeowners to vote, some decisions are made by the executive board or other boards orcommittees established by the association or governing documents. Although the actions of theassociation and its executive board are governed by state laws, the C, C & R’s and other documentsthat govern the common‐interest community, decisions made by these persons will affect your useand enjoyment of your property, your lifestyle and freedom of choice, and your cost of living in thecommunity. You may not agree with decisions made by the association or its governing bodies(r_ccrdfm215) Page 3 of 4

even though the decisions are ones which the association is authorized to make. Decisions may bemade by a few persons on the executive board or governing bodies that do not necessarily reflectthe view of the majority of homeowners in the community. If you do not agree with decisionsmade by the association, its executive board or other governing bodies, your remedy is typically toattempt to use the democratic processes of the association to seek the election of members of theexecutive board or other governing bodies that are more responsive to your needs. If personscontrolling the association or its management are not complying with state laws or the governingdocuments, your remedy is typically to seek to mediate or arbitrate the dispute and, if mediationor arbitration is unsuccessful, file a lawsuit and ask a court to resolve the dispute. In addition toyour personal cost in mediation or arbitration, or to prosecute a lawsuit, you may be responsiblefor paying your share of the association’s cost in defending against your claim. There is nogovernment agency in this state that investigates or intervenes to resolve disputes inhomeowner’s associations.6. YOU ARE REQUIRED TO PROVIDE PROSPECTIVE BUYERS OF YOUR PROPERTY WITHINFORMATION ABOUT LIVING IN YOUR COMMON‐INTEREST COMMUNITY?The law requires you to provide to a prospective purchaser of your property, before you enter intoa purchase agreement, a copy of the community’s governing documents, including the C, C & R’s,association bylaws, and rules and regulations, as well as a copy of this document. You are alsorequired to provide a copy of the association’s current financial statement, operating budget andinformation regarding the amount of the monthly assessment for common expenses, including theamount set aside as reserves for the repair, replacement and restoration of common elements. Youare also required to inform prospective purchasers of any outstanding judgments or lawsuitspending against the association of which you are aware. You are also required to provide a copy ofthe minutes from the most recent meeting of the homeowner’s association or its executive board.For more information regarding these requirements, see Nevada Revised Statutes 116.4103 and116.4109.7. YOU HAVE CERTAIN RIGHTS REGARDING OWNERSHIP IN A COMMON‐INTERESTCOMMUNITY THAT ARE GUARANTEED YOU BY THE STATE?Pursuant to provisions of chapter 116 of Nevada Revised Statutes, you have the right:(a) To be notified of all meetings of the association and its executive board, except in cases ofemergency.(b) To attend and speak at all meetings of the association and its executive board, except in somecases where the executive board is authorized to meet in closed, executive session.(c) To request a special meeting of the association upon petition of at least 10 percent of thehomeowners.(d) To inspect, examine, photocopy and audit financial and other records of the association.(e) To be notified of all changes in the community’s rules and regulations and other actions by theassociation or board that affect you.8. QUESTIONS?Although they may be voluminous, you should take the time to read and understand thedocuments that will control your ownership of a property in a common‐interest community. Youmay wish to ask your real estate professional, lawyer or other person with experience to explainanything you do not understand. You may also request assistance from the Ombudsman forOwners in Common‐Interest Communities, Nevada Real Estate Division.(r_ccrdfm215) Page 4 of 4

BAR ARBOR GLEN HOABUDGET 2009EXPENSE JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC TotalAudit 2200 2200Backflow Testing 240 240BankServicecharges 15 15 IS 15 15 15 IS IS 15 15 15 15 180Consultants 50 50 50 50 50 50 50 50 50 50 50 50 600Couponflooks 1190 1190.16Electric 750 150 750 750 750 750 750 750 750 750 750 750 9000fax-copy-postage 1150 1150 1150 1150 1150 1150 1150 1150 1150 1150 1150 1150 13800Fees & Permits 150 150Gate Maintenance 300 300 300 300 300 300 300 300 300 300 300 300 3600Graffiti Removal 40 40 40 40 40 40 40 40 40 40 40 40 480HOA Board Education 25 25 25 25 100Insurance 1981 2032 4013Landscape Contract 3155 3155 3155 3155 3155 3155 3155 3155 3155 3155 3155 3155 37860landscape lmpovements 0Landscape Repair 300 300 300 300 300 300 300 300 300 300 300 300 3600Landscape Tree Trim 1800 1800Landscape-Annual Flowers 1000 1000 2000Play Equipment Malnt/lnsp. 400 400 400 400 1600Landscape-Plant 400 400 400 400 1600Legal 50 50 50 50 50 50 50 50 50 50 50 50 600Licenses State 100 100Maintenance Repairs 250 250 250 250 250 250 250 250 250 250 250 250 3000Meeting Room 60 60 60 60 60 300Mgmt&Accounting 4104 4104 4104 4104 4104 4104 4104 4104 4104 4104 4104 4104 49248Ombudsman 1539 1539Reserves 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 7438.5 89262Street Cteaning 300 300 300 300 300 300 300 300 300 300 300 300 3600Tax Prep 200 200Telephone 100 100 100 100 100 100 100 100 100 100 100 00 1200Water 360 360 480 600 1320 2000 2200 2000 1800 960 480 360 1292021037 21734 18723 20488 21523 22035 21088 20003 21603 20848 18483 18423 $ 245,982.16INCOMEmonthly yearlyUNITS Assessments Income income513 $ 40.00 $ 20,520.00 $ 246,240.00balanceyearly5257.84APPROVED BY:SignatureTidecv.evI?3.. 001DateDI/

Bar Arbor Glen HOALas Vegas Valley Community ManagementP.O. Box 750266Las Vegas, NV 89136-0266PHONE: (702) 655-7064 FAX: (702) 655-7051April 27, 2009RE: Litigation StatementTo Whom It May Concern:This letter is to confirm there are no judgments or lawsuits known at this time against BarArbor Glen Homeowner’s Association.Sincerely,Patrick DonnellyCommunity Manager, Bar Arbor Glen HOABy: Las Vegas Valley Community Management, LLC

Balance Sheet Thursday, August 06, 2009 11:19Transaction 07/31/2009Bar Arbor Glen HOAAssetsOperating Reserve TotalCashCAB Operating 54,001.12 54,001.12CAB Reserve 62,220.89 62,220.89Total Cash 54,001.12 62,220.89 116,222.01A/RA/R - Misc. 1,199.87 1,199.87A/R - Assessment 6,555.11 6,555.11A/R - Fines/Penalties 500.00 500.00A/R - Late Fees 5,480.59 5,480.59Total A/R 13,735.57 13,735.57Total Assets 67,736.69 62,220.89 129,957.58Liabilities & EquityLiabilitiesPrepaid Assessments 8,006.32 8,006.32Total Liabilities 8,006.32 8,006.32EquityCapital Contribution 16,080.00 16,080.00Operating Equity 28,433.28 28,433.28Reserve Equity 35,517.03 35,517.03Net Income 15,217.09 26,703.86 41,920.95Total Equity 59,730.37 62,220.89 121,951.26Total Liabilities & Equity 67,736.69 62,220.89 129,957.588/6/2009 11:19:32 AM Page 1 of 1

GL Income Thursday, August 06, 2009 11:19Transaction 07/01/09 00:00 AND 07/31/09 23:59Bar Arbor Glen HOAIncome3110 Assessments 8,000.00Reserve3115 Funds Transferred from 4,016.00Total Reserve 4,016.003140 Interest - Savings 65.383142 Interest - Checking 13.503410 Late Fee 971.76Total Income 13,066.64ExpenseAdministrative4003 Pass through Intent to Lien 50.004020 Pass Through HOA Returned -20.004025 Pass Through Bank Returned 0.004050 Copies - Supplies - Postage 143.204090 Mgmt. & Accounting 1,600.004105 Record Storage 16.004160 Pass Through Expense 210.00Total Administrative 1,999.20Utility4820 Telephone 106.42Total Utility 106.42Reserve4910 Funds Transfer to Reserve 4,016.00Total Reserve 4,016.00Total Expense 6,121.62Net Income 6,945.028/6/2009 11:19:12 AM Page 1 of 1