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JudyS8
(California)
Posts:2
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| 09/09/2008 9:47 AM |
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| I live in a single family manufactured home in So. California. Whenever a home is sold our management company charges the seller $515 in escrow for the cost of providing CC&Rs to the buyer. I think this amount is way too high. Any ideas on how I should question the Board and Management Co.?? |
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RogerB
(Colorado)
Posts:3704
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| 09/09/2008 10:03 AM |
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Judy, are you completely aware of what the $515 charge includes? First I would find out what is included in this cost. The Board may be clueless. If so they need to be educated and perhaps change the management agreement.
For example, I just emailed the CCRs, 1st amendment to CC&Rs, Articles of Incorporation, By-laws, Rules and Regulations, 2008 budget, Balance Sheet & Income statement for 12.31.07, 2008 annual meeting minutes, and the 2008 Board meeting minutes to a realtor in preparation for a home sale.
The charge for this service was $0.00. However, we do charge a title transfer fee which includes providing this service to realtor(s; status letter(s) to title company(s), and welcoming the new owner. The cost, depending on time and risk to our company, is usually less than $200.00. |
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MikeS1
Posts:0
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| 09/09/2008 11:32 AM |
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| For years, the VA POA act allow the PM or HOA to charge only $100 for the HOA docs which is rediculously cheap IMO, considering that someone had to go on site and complete an inspection report, noting any conditions that need to be noted in the HOA docs. Now I believe that the new 2008 amendment says that they can UP TO $350 and guess how much our PM charges now? You guessed it. |
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MaryA1
(Arizona)
Posts:2259
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| 09/09/2008 12:11 PM |
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Judy,
Have you checked out the Davis-Stirling Act to see if this is addressed. AZ state law says the HOA may charge a reasonable fee. This "reasonable" fee can sometimes be as high as $500 and is called a transfer fee. In addition to that, some assn's also charge a disclosure fee, which could be another couple hundred. Then there are the assn's who charge a third fee, the "preservation", "buy-in", (or whatever fancy name they call it!) fee which is a contribution to the reserve fund. This fee ranges from $500 - $1,000 and I heard of one assn that charges $10,000!!!
IMO, all these fees need to be regulated. Some assn's have found a gravy train and the unsuspecting buyer just pays and doesn't ask questions. If the assn contracts with a mgmt co, they will have the transfer fee written into their contract and, in many instances, they will recieve the money directly from the title co. |
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