CIC (Common Interest Community) package is a collection of documents that provide important information about a property that is part of a common interest community.
This package is typically required by law to be provided to prospective buyers, and it is designed to help buyers understand the rules, regulations, and financial obligations associated with owning a property in a common interest community.The specific contents of a CIC package can vary depending on the state and the type of community involved, but some of the common documents that are included are:
1. The declaration of covenants, conditions, and restrictions (CC&Rs) - This document outlines the rules and regulations of the community, including any restrictions on the use of the property.
2. Bylaws - This document outlines the internal rules and procedures of the community association, including how it is governed and how decisions are made.
3. Budget and financial statements - This document provides information about the financial health of the association, including its current and projected income and expenses.
4. Reserve study - This document provides information about the reserve funds held by the association to cover future repairs and maintenance.
5. Insurance policy - This document outlines the insurance coverage provided by the association for common areas and any shared facilities.
6. Meeting minutes - This document provides a record of past meetings of the community association, including decisions made and any issues that were discussed.
7. Disclosure statement - This document discloses any known material defects in the property.
Other optional documents that may be included in a CIC package include rules and regulations for specific facilities or amenities, such as a pool or gym, and any pending or past litigation involving the association.
Overall, a CIC package is an important source of information for prospective buyers, as it provides a comprehensive overview of the community and its rules, regulations, and financial obligations.