Home Buying in Boca Raton>Question Details

Jacklyn Sand…, Home Buyer in Delray Beach, FL

Do I have to accept the HOA value after I buy the property if different from the HOA presented in the listing?

Asked by Jacklyn Sandberg, Delray Beach, FL Wed Apr 25, 2012

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12
Dear Jacklyn,

Unfortunately, Yes. You still have to pay the HOA or they can foreclose on you. I would consult an attorney....



Sincerely yours,
Jen Sommers
AgentBoca.com
0 votes Thank Flag Link Sun Apr 29, 2012
Hi Jacklyn,
The value won't affect you, you sign HOA form that states you agree to pay current dues monthly or quarterly, What should be of concern to you is you have a 3 day right of revision to review all current by laws and docs, also up to date financials. There you will see if they are in arrears, negative in dues, or debts, costs of all maintainance services, any current repair assesments or future upgrades planned and amounts to be asseesed per unit. If everything meets your approval then you will sign off and continue with your purchase. If you are getting a mortgage a new appraisal will be ordered, you can make the contrract subject to this too. call me to discuss your needs.
EXPERIENCE COUNTS
Russ Greenberg, Realtor, ePro, RELO FlaHomeMover@aol.com
Florida's Real Estate Leader since 1926, 30 offices serving South FL

(561) 445-8782 -direct http://russgreenberg.live.keyes.com
Keyes Real Estate, Mortgage, Title, & Insurance
Boca Blue Lake Office
1200 Yamato Rd Suite B-1
Boca Raton, FL 33431

efax- 561 249 5718
0 votes Thank Flag Link Fri Apr 27, 2012
Not reviewing the updated HOA documents before purchasing may be a costly decision. Not knowing about potential future special assessments and pending increases in dues can create havoc in a home budget. Good luck to you!
0 votes Thank Flag Link Fri Apr 27, 2012
Hi Jacklyn. As a buyer's agent, I always reaffirm from the listing agent what the HOA fees are because frequently they change and the listing may not reflect the most current fees. The short answer to your question is yes you have to pay the HOA fees that were set by the management company and the residents of your community.

Nicole Marks Mason, Realtor
http://www.buysellboca.com
561-445-8743
0 votes Thank Flag Link Thu Apr 26, 2012
I you buy after close date you will be reponsable for HOA fee !!
if you rent the owner will be paying HOA fee !!
for more information contact me at 561-674.7257.
Thanks,
Rosane Faria
Keyes Company
0 votes Thank Flag Link Thu Apr 26, 2012
J- Not clear exactly what you mean by " HOA value " -but your question
should remind us of two important issues involved in buying a home
that's part of an HOA or Condo Association.
Once you close you will be responsible for the standing assessments
or current charges against the unit! You will also be responsible tfor
compliance with the existing CCR's or " Docs" containing Covenenants
Bylaws,Rules and Regulations It is important to understand all that is
contained therein!
Listings and the information presented do not have any control over what is
being bought or sold ! Listing information on facts,figures, and obligations
always should be confirmed ! Stated taxes,charges,conditions,etc.
may or may not reflect the restrictions and liabilities on a property!
Title Searches and Attorney reviews help - but the buyer remains
remains responsible! Consult a Real Estate Attorney familiar with
Community Assoiation Law. Best of success !

Bob Brubaker Highlight Realty Palm Beach County FL. 561-876-6649
Web Reference: http://pbc-realcam.com
0 votes Thank Flag Link Thu Apr 26, 2012
You don't have to accept the HOA value, you just have to pay it. Otherwise you will fall into arrears and the HOA will put a lien on your home.

You'll note a disclaimer in every listing that indicates that the information supplied is believed to be reliable, but may not necessarily be accurate. So it is up to you as the buyer to learn the correct HOA fees before you purchase. If you are working with a mortgage, you will need accurate numbers because your mortgage loan is predicated upon the actual dollars you will have to pay out each month in order to maintain your Delray home.

In order to get accurate information, you may want to contact the HOA< and ask the homeowner if you can see the latest HOA bill. The homeowner will be happy to give you the correct figure if hyou ask.

The HOA fee noted in the listing for our Delray Beach home may be incorrect because it might have changed (usually to a higher sum) since the home in Delray Beach was initially listed.

If you purchase a home in Delray Beach with an HOA, should expect that HOA fee to increase every year or two.

Marc Jablon, The Jablon Team
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Wed Apr 25, 2012
Hi Jacklyn,

The listings have a disclaimer that says "information is believed accurate but is not warranted". Everything that is on the listing should be verified before closing. Once you purchase the property you'll have to pay whatever the association states are the HOA fees. Before you close on a property you have to submit an application to the association, that should have been the time to ask that question.

Please do not hesitate to contact me if I can be of further assistance.

Best regards,

Nitza Ramos
East Coast Realty
Direct: 954-856-3156
E-Mail: ask4nitza@yahoo.com
Webstie: http://www.nrcv.com
Blog: http://www.ask4realtor.blogspot.com
0 votes Thank Flag Link Wed Apr 25, 2012
The listing can say what ever amount but that has nothing to do with the HOA, the HOA fees are determined by them and they do not care what a listing states. If have have already closed then you have no recourse anyway it is the buyers responsibility to apply to the HOA for approval and to find out the actual fees, if the amounts are different with the actual HOA fees being higher and you are within the inspection period you can walk away from the contract, after the inspection period is iffy but you could to argue it, but bear in mind all you can hope for is to walk away the HOA would not lower their fees because a third party mistated the amount. htpp://mypbchomes.com
0 votes Thank Flag Link Wed Apr 25, 2012
The bottom of the listing sheet should have a statement in small print that says " Information herin deemed reliable but not guaranteed". Also you should have been interviewed by the HOA and advised of the amount required . There is usually a separate sheet also listing Association fees. If something illegal transpired , you should consult an attorney
0 votes Thank Flag Link Wed Apr 25, 2012
Hello Jacklyn,

If you have not closed yet the best way is to have you Realtor call the management company directly,
so you have the accurate numbers, otherwise you would end up with a misunderstanding.

All the best,
MARIA AHMAD - CNS,CHMS
Lang Realty - 9858 Clint Moore Rd C - 124
Boca Raton, FL - 33496
Cell: 561-445-3818, Office: 561-989-2100
Fax: 561-989-2101, Home Fax: 561-483-4251
SL 3162682
Email: m.ahmad@langrealty.com
http://www.thefurhtahmadteam.com
0 votes Thank Flag Link Wed Apr 25, 2012
Hi Jacklyn,

Have you actually closed yet? Because the seller's disclosure must should have accurate information and have been provided to you by your realtor. Also, there should be an addendum accompanying your contract stating the amount, if this is different from the numbers on the settlement statement when you sit down for closing, you most certainly have grounds to cancel the contract.

Feel free to contact me at 561-703-1023.
0 votes Thank Flag Link Wed Apr 25, 2012
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