Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices
Dorie,
If I understand it correctly, if there are transfer fees, they are usually $50 to $100, and rather than risk recalculation and 3-day waiting, I would rather pay it for the Buyer.
Does it make sense?
Jun 28, 2011 03:14 PM
Keller Williams Realty Boise - Nampa, ID
Very good tip....and in our area the HOA transfer fees are generally more than $50!
Jun 28, 2011 03:35 PM
Coldwell Banker Access Realty ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA
Excellent consumer tip Dorie. HOA fees are easy to overlook if you don't have a good Realtor, such as yourself, to step buyers through the process.
Jun 28, 2011 10:35 PM
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Hi Jon,
In our Texas promulgated contracts it is spelled out whether the buyer or seller pays the transfer fee. The resale certificate is usually $250-$300 (which the seller pays for) and the transfer fee is $150-$250 (depending on the community). Lenders will need to be more diligent and actually read the contract because up to now they did not have to be concerned with the HOA transfer fees. It always helps to have a second pair of eyes, especially with this new implementation :)
Jun 28, 2011 10:39 PM
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Hi Deborah,
HOA transfer fees have gotten higher in price and it's only for the management company to change the name and bill to the right person..getting hefty fee for less than 3 minutes of work!
Jun 28, 2011 10:42 PM
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Hi Anita,
Some agents are not familiar with HOA fees, what they are for and how the system works. In filling out our contracts there is an Addendum to use (we have one for everything) to spell out who pays for what..very easy and clarifies whether seller or buyer pays for it.
Jun 28, 2011 10:44 PM
MJ Decorators Workshop LI staging and home decorating - Lynbrook, NY
MJ Decorators Workshop
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Good morning Joshua,
Hope you are lookiing forward to a great July 4th week-end!
Jun 29, 2011 01:03 AM
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas
Thanks for the tip. Hopefully the contract and attached HOA addendum will serve as a heads up as well. When I take a listing I verify the HOA fee, transfer fees and any other fees such as working capital. One of our areas also mandates that an owner subscribe to ATT Uverse as they had cut a deal with them for low fees but mandated all to sign up. That is a huge need to know especially if it is an elderly couple who just don't use the Internet, etc. The working capital fees collected at close can also be an unwanted surprise. A lot of responsibility for us to stay in the know for our clients!
Jun 29, 2011 03:04 AM
RI Real Estate Services ~ 401-529-7849~ RI Waterfront Real Estate - North Kingstown, RI
Homes for Sale in Southern RI and beyond
Dorie, I just went through this in a closing last week & thank goodness the attorneys were right on top of it so the buyer had no issues...great share!
Jun 29, 2011 03:05 AM
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Hi Connie,
Our sellers have to disclose on the seller's disclosure any HOA fees and in our MLS the question is asked if there is a HOA transfer fee..sure helps!
Jun 29, 2011 09:54 AM
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Marilyn Boudreaux, Century 21 Bono Realty - Lake Charles, LA
Lake Charles LA Century 21 Realtor
I tried to comment this morning but AR was acting up, this is first I have heard of lenders needing to know HOA information. I usually send HOA invoices to the title company for the HUD closing statement, just had to get one this week for new buyers in a subdivision. The amount was disclosed on the attachments in the MLS but was the wrong amount and I still had to contact the subdivision for the information. I am going to check on this with some local lenders on this to see if they have heard about including on the GFE
Jun 29, 2011 11:46 AM
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services
The HOA transfer fees are generally paid by the seller. But this is very valuable information. Thanks.
Jun 29, 2011 05:14 PM
Gwynn Teal Carpenter-Broker: Home and Hearth Realty (Austin) - Austin, TX
: Broker, Home & Hearth Realty (512)467-6191
Dorie: Don't you love the tips we get from the great lenders in Austin? I'll be on the lookoout for this in my next closing with HOA fees ..
Jun 30, 2011 03:06 PM
Rainmaker
5,027,904
5,027,904
Dorie Dillard Austin TX
NW Austin ~ Canyon Creek and Spicewood/Balcones
Real Estate Resources
Welcome to my ActiveRain real estate blog and profile. I'm a Realtor with Coldwell Banker Realty and specialize in NW Austin. Once a school teacher I still like the learning process. Only now I enjoy learning what dreams my clients have and what I can do to help them. Call me at 512.750.6899
Comments(15)