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Buyer/Seller/Realtor Info
 
The Village at Rabbit Run Condominium Association, Inc. (VRR)
VRR was formed as a non-profit, non-stock corporation pursuant to the laws of the Commonwealth of Kentucky, Chapter 273 of the Kentucky Revised Statutes (KRS), operating exclusively as a Homeowner’s Association.
 
Condominium or “Unit” Ownership at VRR: Buyer obtains fee simple ownership of a Unit at the time of purchase.  This includes the ownership of all interior surfaces of walls, ceilings, floors, doors, windows, vents and any wallpaper, paint, carpet, tiles and all other decorating or finishing materials installed as part of the interior physical structure of the Unit.  All closets, cabinets or storage areas, visible fixtures and appliances, heating and air conditioning systems and equipment installed in and for the sole and exclusive use of an individual Unit, are part of that ownership.  (In layman’s terms—ownership of everything within the interior walls of the Unit, commonly referred to as “From the Studs In”.) Owners share in the amenities including Common and Limited Common Elements, swimming pool and clubhouse. Owners are part of the Association which governs the policies of the condominium project, allocates expenses for maintenance, and collects the monthly Association fees paid by each owner for building, insurance and community maintenance. Owners agree to abide by the Master Deed, By-laws and Restrictions, Rules and Regulations when they purchase their Unit.

Condos are great for residents who enjoy living in a shared community without the hassle of maintaining upkeep such as lawn work and property management. 
 
The Village at Rabbit Run Condominium Association Responsibilities: 
•    Landscaping including trimming, mowing, and irrigation
•    Exterior maintenance of buildings, streets, grounds, streetlights, and snow removal
•    Property/repair manager (on site) and professional accounting
•    Clubhouse and heated pool
•    General Common Area and Limited Common Area liability and property insurance for all structures. (The Unit Owner is responsible for insuring the interior of the Unit and the personal property therein). See this link for proof of insurance.
•    Reserve Replacement Fund for roof replacements, streets, building structures, and all areas not the responsibility of the Unit Owner
 
Similar to most Condominium Associations, VRR assesses a maintenance fee (monthly assessment), which is currently $400 per Unit per month. VRR's New Owner Packet for providing Contact and Tenant Information and for setting up ACH dues payments can be accessed via the web form found here.
 
Buying or Selling a Unit at The Village at Rabbit Run

In accordance with the Kentucky Condominium Act (KRS 381.9203), each Seller must order from the Association a “Sellers Disclosure Certificate” when a contract is signed. This certificate contains all the information that needs to be disclosed to a Buyer by the Seller including dues, special assessments, lawsuits, financial statements, budgets, and all Governing Documents, including the Restrictions, Rules & Regulations. Providing a certificate to the Buyer protects the Condominium Association, the Seller, and the Seller’s Realtor for “failure to disclose Association financial conditions” or “undisclosed restrictions” at the time of sale.

The cost for preparing this Certificate, as established in the law, is 80% of one month’s Association dues up to a maximum $225, which is the fee charged by VRR at this time. The certificate and all the required documents can be obtained by emailing VRR’s Association Manager manager@vrr-ky.com

Transfer Assessment: Per the By-Laws of the Village at Rabbit Run, Article 5, Section D “Assessments & Special Assessments”: A special one-time assessment of 6 times the monthly assessment will be due within 30 days of a transfer or sale of a condominium property from one owner(s) to a new unrelated owner(s). 

Realtors and Buyers can download all the VRR governing documents from the VRR website (vrr-ky.com). These are located under the Governing Documents heading, on the left side of the website’s home page.
 
Buyers should obtain from the Unit Seller: two (2) electronic key fobs for access to the pool; clubhouse exercise facility and bathrooms; two garage door openers; and all keys to the Unit.
 
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