ClarkeS1
Posts: 16
Posts: 16
Posted:
In the State of Michigan do they allow HOA's to have preservation fees?
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Preservation Fees
Started by ClarkeS1 • 7 replies • 300 views
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ClarkeS1
Posts: 16
Posts: 16
Posted:
Does anybody know in Cities and/or Villages can charge preservation fees on sales of property?
KerryL1
Posts: 14,519
Posts: 14,519
Posted:
What is a "Preservation Fee?" Do nay of your HOA documents say anything about this fee? Or is there a written board policy that allows it?
ElleN
Posts: 4,405
Posts: 4,405
Posted:
Look back at your earlier thread. Looks like you can impose preservation fees using an amendment to your bylaws or declaration.
ClarkeS1
Posts: 16
Posts: 16
Posted:
A preservation fee helps pay for reserve type (capital and/or major maintenance items) and can only be used for non-operating type expenses.
Our association is looking into one so we can avoid special assessments down the road.
It has to be written up, voted on then put in the bu=laws.
I am just looking for an association in Michigan that already has set up one.
Our association is looking into one so we can avoid special assessments down the road.
It has to be written up, voted on then put in the bu=laws.
I am just looking for an association in Michigan that already has set up one.
ClarkeS1
Posts: 16
Posts: 16
Posted:
A preservation fee helps pay for reserve type (capital and/or major maintenance items) and can only be used for non-operating type expenses.
Our association is looking into one so we can avoid special assessments down the road.
It has to be written up, voted on then put in the bu=laws.
I am just looking for an association in Michigan that already has set up one.
Our association is looking into one so we can avoid special assessments down the road.
It has to be written up, voted on then put in the bu=laws.
I am just looking for an association in Michigan that already has set up one.
ClarkeS1
Posts: 16
Posts: 16
Posted:
I am just looking for any Mich HOA's that I can talk to that already have them set up. Thanks Ellen
JohnC46
Posts: 14,230
Posts: 14,230
Posted:
While I have never heard of a preservation fee, it is common for an association to have a "buy-in" which is typically a % of the purchase price paid for by the buyer. 1/2% is quite common..
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