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Thank you to Closing Attorney, Amee Davis of Davis & Associates, Attorneys at Law, LLC. Contact Amee directly with additional questions:

There are many issues with the Community Association Fees & Association Management Company Fees being charged at closing. The issue is that these Management Companies will not always disclose their fees PRIOR to closing. The Seller & Buyer need to understand the verbiage of warrants & responsibilities when completing the GAR Community Association Disclosure Exhibit (F122.)

Sellers need to discover ALL of the Association AND Management Company fees due at closing including fees for: Dues, Initiation, Assessments, Transfer Letter, Convenience Fees, Processing Fees, Account Closure Fees, Internet Access Fees and more! Also, how long is a “Letter” good for? Watch the video to learn how you as a real estate agent may address these issues & more!

Thank you also to Jay Alexander, (NMLS 223779) Mortgage Loan Originator of Homestar Financial Corporation. for his additional comments regarding this issue!
Questions for Associations:
  • Are there any fees charged at closing for:
  • Proration for HOA Dues?
  • Any additional annual costs?
  • Any special assessments Coming Due & Payable?
  • Initiation Fee?
  • Any other fees that the Association will be charging at closing?
Questions for Management Companies:
  • Is there a Management Company involved in helping a Community Association collect fees or letter?
  • Is there a letter fee?
  • A Convenience fee?
  • A transfer fee?
  • An account closure fee?
  • Internet Access Fee?
  • Late Fee?
  • Are there any other fees charged by the management company not listed herein that will be charged at the time of closing?

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