KarlaS2 (Georgia)
Posts: 1
Posts: 1
Posted:
Who owns the initiation fee collected at closing of new home sales?
Our covenants call for the collection of an initiation fee to the 1st owner of any home sold in the HOA. The builder still has control of the HOA and will for 10 more years.
The builder decided to add a pool to the community after about 150 (out of 600) were already built, however he is making the homeowners/HOA fund the majority of the construction. He has offered up a small amount of every future home sold but is also claiming that the money being charged as the initiation fee is also part of his contribution (and thereby significantly overstating and misleading homeowners into how much he is contributing to the construction of the pool)
Our covenants call for the collection of an initiation fee to the 1st owner of any home sold in the HOA. The builder still has control of the HOA and will for 10 more years.
The builder decided to add a pool to the community after about 150 (out of 600) were already built, however he is making the homeowners/HOA fund the majority of the construction. He has offered up a small amount of every future home sold but is also claiming that the money being charged as the initiation fee is also part of his contribution (and thereby significantly overstating and misleading homeowners into how much he is contributing to the construction of the pool)