Does your HOA charge title companies for HOA packages?

Started by JenniferM9 • 11 replies • 1574 views

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JenniferM9 (California)
Posts: 42

Posted:

It is becoming pricey for us to put the required information together when a unit is being sold. We are considering charging a fee to title companies for the HOA packages.

Do any of you do this, and if so, how much are you charging?

Thanks!

TimB4 (Tennessee)
Posts: 21,059

Posted:

Duplicate Post.

http://www.hoatalk.com/Forum/tabid/55/forumid/1/postid/116017/view/topic/Default.aspx

DonnaS (Tennessee)
Posts: 5,671

Posted:

$125.00 only we don't charge it, the Title company does to the Buyer. We provided them with a Master Copy which they run and include in the closing papers. Less work for us.

RZ (Arizona)
Posts: 51

Posted:

Our HOA charges $459. This primarily gets the needed documentation that the fees are up to date and/or if back fees or assessments are owed. It gets a copy of the CC&R's and includes a welcome packet with an eft form so monthly fees can be deducted from the new owners bank account. It gets them one key to the clubhouse and pool. It is customary for the seller to pay in closing, not the new buyer.

TimB4 (Tennessee)
Posts: 21,059

Posted:

If and what you may charge typically depends on your State laws.
My State limits the cost to the actual expense of putting the information together (printing, copying, postage, etc.). For us, this is $100 (we actually print books with all the governing documents in it and then copy minutes and other info).

Since this is typically a requirement for the seller (who would be a member of the Association) the cost becomes part of the Assessment. We actually request payment up front but our State law requires us to make it part of the closing costs if that is the sellers wish.

Per Davis-Stirling.com: "The association may charge a reasonable fee for the association's actual cost to procure, prepare, and reproduce the requested items".

Tim

JamesC (Maryland)
Posts: 282

Posted:

The cost for our packages are $210.00 when purchased from our Management Company. However any homeowner can download them for free off our website. They are just as accurate, and up to date as the information maintained by the management company. Unfortunately even to save that amount some homeowners don't want to take the time to download them.

Jim

JenniferM9 (California)
Posts: 42

Posted:

Wow, such a variety of answers. Thank you all for sharing that information.

I appreciate the information!

JenniferM9 (California)
Posts: 42

Posted:

Quote:

Posted By TimB4 on 07/06/2011 5:24 PM

Per Davis-Stirling.com: "The association may charge a reasonable fee for the association's actual cost to procure, prepare, and reproduce the requested items".

Tim

Thank you SO MUCH, Tim!!

JenniferM9 (California)
Posts: 42

Posted:

Quote:

Thank you SO MUCH, Tim!!

JohnM48 (Pennsylvania)
Posts: 89

Posted:

We charge $300, which covers the certification and other statements required by Pennsylvania, a copy of the By-Laws, CCRs & Resolutions, a copy of the latest financial statements & current operating budget, a statement of amounts due at settlement and a statement of any alterations/improvements to the unit which must be correct prior to settlement.

Association President

EW4 (West Virginia)
Posts: 95

Posted:

Our HOA charges the cost of printing and postage. The charge here is $50.00. If the perspective buyer actually purchases the home they will have access to all community documents via our community website.

JohnM48 (Pennsylvania)
Posts: 89

Posted:

Quote:

Posted By EW4 on 07/07/2011 6:43 PM
If the perspective buyer actually purchases the home they will have access to all community documents via our community website.

At least in Pennsylvania, this would not satisfy the legal requirements since the idea is provide the potential buyer with all necessary information to make an "informed decision"

Association President

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