NO!!!!! They don't! IN FACT, More and More they are becoming a deal breaker! They've done this to themselves! HOAs will be a major contributor to near coming real estate crash because they have become such a nuisance! I, myself am being pushed out of my current neighborhood because of HOA's abuses and crooked ways. Most of the neighbors that I have had for several years have gone, or are leaving to find homes in areas that are not HOA. Therefore to try to sell a home thats already in an HOA has become quite difficult. Just look at apartment and condominium buildings. Look whats happening there! You have to be crazy these days to want to live in an association. There is no peace!... more
First of all, congratulations on owning a home that is free and clear of any mortgage debt. You represent a statistically small percentage of home owners Nationwide who own their home outright.
Secondly, you are responsible for the real estate taxes on your home up and until ownership changes hands on the day of your closing. Since in Illinois real estate taxes are paid in the arrears, you'll pay the remainder of your 2011 tax bill and most likely a proration of the 2012 tax bill that is not yet out but still your responsibility. A typical proration is 105% of the previous years tax bill. However, this is a negotiable aspect of the contract.
Call or text me at 224-805-2616 if you have further questions or need a full time real estate broker to help you with your sale and purchase of a new home.
Mortgage 1st Realty, Inc.