SB 1149 (HOA; condo; document fees- sponsored by Senator Andy Biggs), which as amended by the committee limited the fees that a condominium or planned community could charge for the preparation of required documents, as well as prohibited a condominium or planned community from charging a fee for the use or placement of a for sale sign.
I'm not sure what all of your Rainmakers are experiencing in your markets, but in Maricopa Arizona we have seen a major "money grab" by the HOAs occuring that continues to escalate. Some "fees" are over $1,000 when only a couple of years ago they were a couple of hundred dollars. We have requested a breakdown of these fees and, they supply it, none of the descriptions make any sense. Other HOAs are coming on board as one of our largest subdivisions just raised their "fees" by three hundred dollars for no apparent reason. This is not even to mention that most HOAs are raising their monthly/quarterly fees to homeowners.
The HOAs will claim that they are experiencing hardship due to the number of short sales and foreclosures but what they don't tell people is that they won't let a property close without being payed so they are getting their money anyway. I will be following this closely and lobbying on behalf of realtors. By the way, this bill was proposed by our local Realtor association, AAR, so contact your association if you are having the same problem.
This practice borderlines on criminal and needs to be stopped!
Comments (1)Subscribe to CommentsComment