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Marsha411JD
Marsha411JD, Lawyer
Category: Real Estate Law
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Experience:  Licensed Attorney with 28 yrs. experience with Real Estate
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I UNDERSTAND THAT ARIZONA HAS PASSED A LAW LIMITING WHAT HOAS

Resolved Question:

I UNDERSTAND THAT ARIZONA HAS PASSED A LAW LIMITING WHAT HOA'S CAN CHARGE WHEN A HOMEOWNER IS SELLING HIS PROPERTY. WHAT ARE THOSE LIMITS?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Marsha411JD replied 1 year ago.
Hello,

Thank you for the question. I have set out below the changes related to HOA fees at closing that were made by SB 1149 in 2011, that became effective in 2012.

Please let me know if you need any clarification. I would be glad to assist you further if I can.


The cap on charges for supplying documents to a buyer is now limited to no more than an aggregate of $400 for the costs incurred in the preparation of a statement, or other documents, furnished by the HOA for purposes of resale disclosure, lien estoppel and any other services related to the transfer or use of the property.This includes the Disclosure Fee and the Transfer Fee, which transfers the property from the seller to the buyer, on the HOA's books.

The HOA can charge a rush fee of no more than $100, if rush services are required within 72 hours.


There are no more Upfront fees either. Some HOA management companies were requiring the Disclosure fees to be paid upfront. So if the home did not pass inspection, or if the mortgage did not get approved, the HOA doc fee had already been paid, and could not be refunded.

The HOA, in addition to what the Management Company may charge for the Disclosure and Transfer Fees, can charge a fee that may be called Reserve Contribution Fee, Capital Funds Fee, or a fee by any other name. That money must go directly into the HOA funds for use in the manner in which it is stated.
Customer: replied 1 year ago.

ARE THESE FEES INCLUDED IN THE $400?


 


CAPITAL RESALE CONTRIBUTION


STATEMENT FEE TO PROPERTY MANAGER


 


 

Expert:  Marsha411JD replied 1 year ago.
The statement fee would be, but as mentioned in my initial response, the capital fee is extra.
Customer: replied 1 year ago.

HOW DOES THE CAPITAL RESALE CONTRIBUTION QUALIFY AS AN ADDITIONAL FEE? THE HOA DOES NOT STATE THE MANNER IN WHICH IT IS TO BE USED. THEY ARE CHARGING $540 FOR THIS FEE ON A CONDO THAT IS SELLING FOR ONLY $35,000.

Expert:  Marsha411JD replied 1 year ago.
I can't address your particular situation. One reason is because I do not have your file in front and me and the second reason is because this Site, of which I am a User just like you, will not allow me to give legal advice or a legal opinion, which is what would be required for me to do in order to address your specific case. I can only provide you with the law which directly relates to your original question. Which I did. If you do not believe that this Capital charge is actually for the Capital fund that goes to the HOA for capital expenses, then you will need to challenge it with your own local attorney, or have them explain it to you in more detail. I can only tell you that any funds that are for the HOA capital fund are not included in the new law that limits administrative fees.
Marsha411JD, Lawyer
Category: Real Estate Law
Satisfied Customers: 17012
Experience: Licensed Attorney with 28 yrs. experience with Real Estate
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