Charging Realtors and others who request information

Started by JR8 • 11 replies • 1311 views

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JR8 (Oregon)
Posts: 25

Posted:

Any feedback on the best way to charge requests for information when an owner puts a unit on sale? We have the majority of our documents online so realtors can get the information there. They seem to expect that we will also fill out their paperwork. Should there be separate charges for lenders who request information? What is a reasonable fee for the HOA to charge for these separate requests?

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Your CC&R's and Articles of Incorporation are PUBLIC documents. They are to be available at the courthouse in the records department. By-laws and ACC are the HOA's documents.

You could charge to make copies if you need to. Which think is like 10 cent a page at some office stores if you go that way. However, there's no real reason they need to contact the HOA for these documents since they are public. You also make them available online. Some states requires the owner to disclose the documents to the new owner. Otherwise, it's up the new owner to be responsible to be "informed". Which is a trip to the courthouse that can be done by them or their Realtor. Lending companies just should factor in the HOA dues when evaluating the loan. They aren't responsible for giving anyone the documents.

Former HOA President

TimB4 (Tennessee)
Posts: 21,059

Posted:

Check your applicable State statutes.

In VA, we must complete financial paperwork for closing for free.
That's the only time we fill out "their" paperwork.

DouglasM6 (Arizona)
Posts: 724

Posted:

They are going to contact the HOA to make sure the lot is current on their dues. It's part of the title search I believe. Can't get that info from the court or county. All else, though, is public.

It doesn't happen a lot for us, so I just do it. It's my way of making sure they know if there are monies owed the association.

RichardP13 (California)
Posts: 3,868

Posted:

As Tim suggested, check your applicable state statues. In California, the required documents are quite extensive.

TimB4 (Tennessee)
Posts: 21,059

Posted:

I want to add that I utilize this opportunity to request a copy of the HUD-1 (which I think is finally gone now) or ALTA as it gives the Association the correct spelling of the name and the mailing address of the new owner (very helpful if the property was purchased as an investment).

RichardP13 (California)
Posts: 3,868

Posted:

Quote:

Posted By TimB4 on 07/25/2017 6:25 PM
I want to add that I utilize this opportunity to request a copy of the HUD-1 (which I think is finally gone now) or ALTA as it gives the Association the correct spelling of the name and the mailing address of the new owner (very helpful if the property was purchased as an investment).

I request a copy of the Grant Deed, as it also gives me the legal description for the specific property.

JR8 (Oregon)
Posts: 25

Posted:

thanks for the ideas!

DjB2 (Pennsylvania)
Posts: 49

Posted:

Here in Central Pennsylvania a detailed Certificate of Resale is required to complete the purchase of any townhome in our development. We have a version of this as a two-page form that we complete for free upon request, and normally provide to the buyer's realtor. On occasion lenders have their own much more complicated Certificate of Resale forms that they require completion of. Either way we only charge a one-time $100 CAP fee, to be paid at the closing to our HOA, by either the buyer or seller. Our Bylaws and CC&Rs are always digitally forwarded to both the new owners and their real estate agent. New owners and renters both receive a detailed Welcome Kit via email when they purchase or move in. - Don, HOA President

JayL6 (Kansas)
Posts: 18

Posted:

We charge a $120 Transfer Fee to complete title company requests as that's the typical rate here in Kansas. The invoice is made out to the buyer and due at closing. The title company pays it out of the sale proceeds. We have a sale in process right now that has a lien on the property for past dues and the title company is paying the full balance in order to clear the lien.

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