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For instance, I am currently looking into a home in MD, which is part of a community. They have their 58/mo HoA Fee (fine), but an "Other" fee at 300/year with no explanation?
Are you sure that's a year? Many HOA's have a "buy in" that is a one time fee. When you buy in the community, they charge a fee to help build their reserves for any future things. Call and find out, as the $58 a month should cover the community areas and landscaping, otherwise why charge the $58 a month if it doesn't cover anything?
For instance, I am currently looking into a home in MD, which is part of a community. They have their 58/mo HoA Fee (fine), but an "Other" fee at 300/year with no explanation?
I can only assume that it's for upkeep for the pool and common areas but it would be nice to know for sure. The only thing listed re: what the HoA Fee (58 bucks) covers is snow removal. What about the summer months?
I've been searching all over the net for any reference to the community, all I get is a name and phone number.
Checking with my realtor to see if we can get a copy of those documents written into the contract. Otherwise, yeah, I'm inclined to look elsewhere.
For instance, I am currently looking into a home in MD, which is part of a community. They have their 58/mo HoA Fee (fine), but an "Other" fee at 300/year with no explanation?
I can only assume that it's for upkeep for the pool and common areas but it would be nice to know for sure. The only thing listed re: what the HoA Fee (58 bucks) covers is snow removal. What about the summer months?
I've been searching all over the net for any reference to the community, all I get is a name and phone number.
Checking with my realtor to see if we can get a copy of those documents written into the contract. Otherwise, yeah, I'm inclined to look elsewhere.
Go to the Courthouse in Upper Marlboro to get copies of the covenants, they would have had to be filed when the subdivision was approved.
HOA docs have to be filed and recorded to be enforceable in Florida IIRC. No one should have problems in Florida. Robyn
Robyn, I'm aware that the declaration, incorporation and bylaws are required to be recorded but I wasn't aware that rules and regs were included in that requirement. I've never seen rules and regs recorded in my Florida county.
HOA docs have to be filed and recorded to be enforceable in Florida IIRC. No one should have problems in Florida. Robyn
Hi Robyn...I haven't heard that before but that might be true. IDK...I do know that I have looked on the clerk's website for docs for some associations and couldn't find them but it may be those that were of a certain age and older.
Robyn, I'm aware that the declaration, incorporation and bylaws are required to be recorded but I wasn't aware that rules and regs were included in that requirement. I've never seen rules and regs recorded in my Florida county.
I've found them. In fact, I am on my board and our RNRs are recorded whenever there is a change.
TheMillersWife....we see that around here. It could be a few things but there is probably a master association and a neighborhood association. Sometimes, you'll see a fee that is annual for the HOA and a monthly or quarterly fee for the neighborhood, especially for condos or maintenance free homes.
In addition to the documents, I would recommend talking with the neighbors about how the place is managed as well as special assessments.
As one person mentioned, many HOA's keep dues low but impose "special assessments."
Ask to see the reserve study as well as the financial statements. It is essential that the HOA have a plan/reserve study to maintain and repair things as they deteriorate with age. Many HOAs operate impose "special assessments" to cover deferred maintenance.
We were surprised when we started looking how many HOA's do not have a reserve study and/or barely have any funds in reserve for roof repairs, paving, pool maintenance, etc.
In Oregon the CC&R's and bylaws are all recorded at the county and open to the public to read. Just because they aren't on a website it doesn't mean you can't access them. I would head down to the local county recorder and see what you can see, or you can call a title company and ask the to pull them for you if you live in a state that uses title companies.
The only thing we have to ask for here are financial docs and meeting minutes.
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