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SetenaN
(Georgia)
Posts:23
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| 01/09/2008 6:48 AM |
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The Board voted on a transfer fee of 300.00 for new people moving into our neighborhood. Anyone think this is a little high? I wanted to go down on it because I felt we should basically charge for copying all covenants, bylaws, a welcome packet, etc and this would be what this expense would be for, but apparently I wasnt agreed with. can someone tell me more about what a transfer fee is for in their opinion?
Thanks!
Setena |
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CharlesW1
(Georgia)
Posts:826
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| 01/09/2008 7:07 AM |
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SetenaN
IMHO, I feel that “charging” a fee for such is totally appropriate. It’s an excellent way to build your reserves and cover the expenses that are included in many care packages.
I’m familiar with other community associations doing the very same thing and it’s generally, equal to ONE year’s assessments. In fact our association is looking to amend our covenant to allow for a “contributions fund” basically a transfer of ownership fee, in which adequate money will be spent to cover any unforeseen fees.
Give it some thought. It may come to significantly HELP your association, financially.
Chuck W.
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Charles E. Wafer Jr. |
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SetenaN
(Georgia)
Posts:23
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| 01/09/2008 7:24 AM |
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Do you feel the transfer fee is inappropriate or charge for copying of covenants, bylaws, welcome things, etc is? Thanks for the feedback. I appreciate it. If it is something we can use then thats great, I just want to make sure we are indeed correct in its uses.
Setena |
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MikeM8
(North Carolina)
Posts:13
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| 01/09/2008 9:36 AM |
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Our MC charges a “transfer fee,” I think they charge the new homeowner $75. The MC keeps all of this.
I do not like the idea at all. I feel that the new resident should be provided with all the relevant doc’s free. I know the new HO is “supposed” to get all the doc’s at closing but I also know that is not always the case or they are lumped in with the other entire closing doc’s to be filed away and never looked at.
I think this would be especially true for the first time HO. One of our Boards had a welcoming committee, that would put together a packet for new HO. It had all the Doc’s,
Local information and for awhile they even had one of those coupon books that give you half off at area restaurants, special rates on carpet cleaning ECT. The Board made all the copies and the coupon books were $10 each. The cost of the coupon books came out of the Social Committee fund.
IMHO, I think charging a “transfer fee” is just not getting off on the right foot with a new HO.
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BruceD1
(Georgia)
Posts:56
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| 01/09/2008 9:53 AM |
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From our Coventants
Initiation Fee. The first Owner of a Lot conveyed from the Declarant or an Approved Builder ("First Owner") shall pay to the Association an initiation fee in an amount equal to twenty-five percent (25%) of the annual assessment in effect for the current year. After the First Owner, any subsequent Owner, who acquires a Lot subject to mandatory membership in the Association, Inc. pursuant to the terms of this Declaration shall pay an initiation fee in an amount equal to twenty-five percent (25%) of the annual assessment in effect for the current year upon acquisition of the Lot.
The Board shall have discretion to increase the initiation fee by resolution of the Board; provided, however, the initiation fee shall not be changed by the Board without Declarant's consent so long as Declarant owns any property in the Community or fifteen (15) years from the date of recording of this Declaration, whichever comes first. Notwithstanding anything to the contrary herein, no initiation fee shall be due from any Person who takes title through foreclosure (or deed in lieu of foreclosure) upon the lien of any first priority mortgage covering the Lot and the lien of any secondary purchase money mortgage covering the Lot. This initiation fee shall be an assessment, which is the personal obligation of the Owner, and shall constitute a lien, which may be collected as provided in this Article. |
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CharlesW1
(Georgia)
Posts:826
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| 01/09/2008 10:00 AM |
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JustinM1
Our MC charges $45.00 to print off hard copies and when the board questioned its cost we were told the very same thing. The board began formatting the documents and uploaded them PDF to our web-site and they too are free, to any members of the association.
A board member can/will also print off all the govern documents upon request, for those who don’t have a computer or printer.
Chuck W
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Charles E. Wafer Jr. |
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DonnaS
(Tennessee)
Posts:5671
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| 01/09/2008 10:15 AM |
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Setena,
Each owner who bought into the developement when the developer was still in charge, was billed an automatic $300.00 which went into cost reduction to him for the infrastructure and Reserve funding. It still continues 7 years later and is put onto the closing cost papers of the new buyers eventho the Developer is now gone. It is a common practice as an association pays a MC or a secretary to list and register any new members. There is more paperwork than the average new owner knows of so some of this also is covering paperwork. |
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SusanW1
(Michigan)
Posts:5202
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| 01/09/2008 8:16 PM |
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| Justin - your secretary is responsible for maintaining a current list of all voting members. |
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