ap172, Other/Just Looking in Fort Myers, FL

Can the HOA get an extra quarterly payment for new homeowners?

Asked by ap172, Fort Myers, FL Sun May 19, 2013

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AP,

It is a common practice in many neighborhoods for the homeowners association to collect a capital contribution fee at the closing on any new sale in the community. Many times this amount will be equal to the quarterly homeowners association fee but doesn't have to be in that amount. These fees are deposited into the HOA's reserve fund which is kind of like a savings account for the community for future capital improvements.

Best of luck and if I can offer anything additional please let me know.



Always at Your Service,


Tom Priester e-PRO
"Results Driven Real Estate"

Keller Williams Realty
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Sun May 19, 2013
That's what I've been told. Would you have an example of the wording used in the docs? We are just about to have a meeting to update our docs.
THANKS!
Flag Sun May 19, 2013
AP- The key here is receipt of a full explaination for whatevever
charges you are being asked to pay! An Association is only
able to levy charges and fees consistent with their by-laws,
Member and/or Board action. There's no ' extra" involved.
Have your " Closing Agent" explain this and any other fee
or charge you have questions on. If the charge is proper
there is a" basis " which should be made clear to you.




Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Realtor and Licensed Community Association Manager
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Mon May 20, 2013
news to me. Pretty sure one of our title companies, our Realtor Assoc or our broker would have told us.
0 votes Thank Flag Link Sun May 19, 2013
I asked the original question. I'm in Florida. I know that there's a new law here that HOA's can collect an extra payment from new owners. I'm trying to find the law.
0 votes Thank Flag Link Sun May 19, 2013
If you close near the beginning of a new quarter, the title co will typically collect the coming quarters fee.
0 votes Thank Flag Link Sun May 19, 2013
No, typically, when you are selling your home, the HOA dues are paid up to the closing day on a pro-rated basis, so the seller and buyer do not double pay.

For example if you are billed monthly, and you close on the 15th of the month, the HOA dues will either be paid in full and prorated for the additional 15 days on your HUD; or just paid in full as a good faith so the buyer starts paying the following month.
0 votes Thank Flag Link Sun May 19, 2013
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