Finally relief from those $300 or $400 fees charged by some HOA management companies plus you don’t have to buy everything any longer. You can pick only the documents you need or only those required by law for transferring a property in a common interest subdivision.
Gov. Jerry Brown has signed a bill that prohibits companies from charging home buyers in a common interest development such as a condominium or townhouse from being charged excess document fees.
Homeowner associations are required to provide specific documents to prospective purchasers of such homes, where each homeowner has an exclusive interest in a unit and a shared interest in the common area property. In addition to the standard residential property disclosures, they must receive basic information about the structure, operation and management of the association. The cost has generally been between $75 to $250. But the job had been delegated to third party vendors or contractors who, under a 2007 court decision, are exempt from this fee limitation. Fees as high as $1,000 were charged for documents bundled with the required documents.
The new law effectively prohibits this bundling, creates a new form detailing which documents are required, and requires the provider to disclose the fees.
Thank you for reading this post. If I can ever be of help in finding you the perfect property here in the Napa Valley, please email me at Curtis@NapaValleyAddress.com.
Your Broker Extraordinaire, selling Napa Valley Real Estate from its heart, Yountville.
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