Sale Fee

"Reserve assessment," payable upon sale of a unit, amount to be set by the board, and not to exceed twice the amount of the unit's monthly regular assessment.

they are called transfer fees in NC and are illegal for HOAs after 2010. NCGS 39a-3
Yet mgt companies still charge them and just call them another name like set up fee for buyer or document prep fee, etc.

yeah and bullshit smells better when it's called a rose. lol. I agree with you in theory but not principle.

you are right. I am comparing it with another law under 47F which is the resale certificate limit of $200. Past mgt company used to charge $200 to email our governing docs to buyers. it was shameful and total work around the $200 limit, cause they called it a doc fee instead of a resale certificate.

I do find it sad that many state legislatures try to limit these fees and mgt companies simple rename them to work around it.

Ours is called Capitol Improvement Fee and is $300.00 for every home sold. When I got on the board, I questioned it because it was going into Reserves, and we were also transferring the amount required from our reserve study. This had our reserves at 127% funded. We now have those funds going into a separate account that is used for improvements in our community. These funds have funded playgrounds upgrades, a Shade structure in our Pool area and a recently approved Pickleball court.