Home Buying in Panorama City>Question Details

olvanish, Home Buyer in Panorama City, CA

Can Escrow take HOA document preparation fee out of my deposit under these circumstances?

Asked by olvanish, Panorama City, CA Fri Mar 1, 2013

My purchase did not go through because the condo was appraised for a lot less than what I offered for it so I ended up cancelling everything. The escrow is returning my deposit minus 600 dollars (for which they stated they don't have a receipt). First of all, I never authorized any HOA doc preparation charges-- these services were requested by my loan officer. Second, when the docs did come in, I received a copy and it said that transfer charge was 275. Can anyone explain what's going on here? Am I not supposed to be notified of such transaction before the fact, and not after?

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Cindy, according to the offer the seller is the one responsible for paying for HOA document transfer, however, the Escrow instructions say that the responsibility falls upon the buyer if the sale does not go through (since the seller never deposits the money into Escrow I guess that makes sense). Yet, isn't responsible party supposed to pre-authorize any expenses and get any type of receipt that show how much the actual expense was? I was never asked about this and had someone told me that I'm "gamling" with 600 here (I did know that this was a 50/50 transaction with a good chance of not falling through), I would never have authorized it.
0 votes Thank Flag Link Sat Mar 2, 2013
The hoa document prep fees need to be paid. Whether it is on the side of the seller or buyer is written into your purchase contract. Take another look at your contract

Do you have any agent? If not, you should. That is the person who can review all the numbers with you...or take your question to escrow....none of us has the documents at hand.
0 votes Thank Flag Link Sat Mar 2, 2013
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