ClarkeS1 (Michigan)
Posts: 16
Posts: 16
Posted:
In the State of Michigan do they allow HOA's to have preservation fees?
A service of:
Community123.com
Professional websites for HOAs & condos, since 2004
Professional websites for HOAs & condos, since 2004
🎁 1st year FREE for HOATalk members! →
Preservation Fees
Started by ClarkeS1 • 7 replies • 299 views
💬 Join us to post & get advice from 50,000 HOA & Condo leaders.
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in
ClarkeS1 (Michigan)
Posts: 16
Posts: 16
Posted:
Does anybody know in Cities and/or Villages can charge preservation fees on sales of property?
KerryL1 (California)
Posts: 14,550
Posts: 14,550
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 (Idaho)
Posts: 4,420
Posts: 4,420
Posted:
Look back at your earlier thread. Looks like you can impose preservation fees using an amendment to your bylaws or declaration.
ClarkeS1 (Michigan)
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 (Michigan)
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 (Michigan)
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 (South Carolina)
Posts: 14,265
Posts: 14,265
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..
🎯 You've read this entire discussion
Join the conversation with 50,000 HOA & Condo Leaders:
- ✓ Ask follow-up questions
- ✓ Share your experience
- ✓ Get expert advice
- ✓ Access 350,000 discussions
Create Free Account →
⚡ Takes 30 seconds
Already a member? Log in here