Hello Mrs. Dwight K Schrute,
You are quite correct in assuming that condos will have a fee.....
However, while "most" (Home Owner or Condo Owner) Associations collect the fee "monthly" there are others that collect the fee quarterly / semi-annually / annually. The fact that the HOA/COA fee field is blank should not lead to the assumption that there is no fee.
Since your profile indicates "just looking" my assumption is that you have not yet selected an agent to assist you with buying your new home. My suggestion is that you select a knowledgeable agent in your area. A good agent will likely have an idea what fees are in the community you might be considering, and if not should be able to obtain this information quite easily.
For homes that are part of an Association, many states require that once your offer has been accepted the seller is to notify the Association who then has a limited amount of time (but always prior to final settlement/closing) to provide you a "Condo Resale Certificate or Public Offering Statement". Because the documents needs to be current and because there is a fee associated with the documents, they are usually prepared "only after an agreement has been entered."
These documents are typically prepared by the HOA / COA (or their property management company), they should be up-to-date, they will provide a wealth of information and should disclose:
1. All Association Fees (including the initiation fee, if one exist)
2. A copy of the existing Budget with Balance Sheets
3. A copy of any Notices of Association Assessments or fee increases, pending or otherwise..
3. A complete copy of the Covenants & Restrictions (Rules & Regulations) including any amendments.
Hope this helps!
Gary Byers - REALTOR
RE/MAX 1st Advantage
Mechanicsburg, PA 17050