Do you Need to Contact your Homeowners Association when Selling your House?
Plus, it may need to collect any outstanding fees you might owe. Even if you don’t owe any past dues or fees, if you’re planning to sell your home and live in an HOA community, be prepared to deal with your board before you can close the deal. Whether or not your HOA requires specific procedural action and, depending on what state you live in, you might need to run through a couple of steps regarding transfers of information and payments.
If some part of your home does not pass inspection, you will be required to fix that before you can sell your home. Kinard, Lewis. “‘Gotcha!’ at Closing: Beware the HOA Inspection Report when Buying a Home.” Kinardlaw Consulting. Edwards, John G. “Bill would cap fees collectible in HOA cases.” Las Vegas Review Journal. When you loved this post and you wish to receive details concerning Sukhumvit Bangkok i implore you to visit our web site. Feingold, David F. “Disclosure Awareness.” HOA Document Review. Is there any way to get out of a restrictive covenant?
You might also have to get a home inspection report if your HOA requires one. Providing buyers with a homeowner resale packet might not be too inconvenient, but extra fees your HOA can tack on to your sale certainly can be. Your state could also require you transfer what’s known as a “homeowner resale package” to your buyer. Read on to find out more. Unfortunately, your HOA is able to charge you a fee for transferring paperwork from your name into the name of the new homeowner. This resale package should contain all of the information on your HOA the new buyer will need to know.
Some HOAs charge a flat fee for this service. This is somewhat more controversial, because a flat fee charges every homeowner the same rate for moving, whereas charging a percentage of a home sale fluctuates based on market health and on the value of the property. Some associations charge both types of fees. Other associations charge a percentage of the sale price of the home, and often this will be anywhere from .5 to 1 percent.
