Are assessments and HOA fees the same?

Are assessments and HOA fees the same?

Assessment fees are payments the homeowners’ association (HOA) collects from owners to cover expenses the HOA is responsible for, but that aren’t covered in the regular monthly fees. At a condominium, HOA fees typically cover the cost of a landscape service to weed, feed and mow the grass.

What do you need to know about the Florida HOA Law?

Florida Homeowners’ Association Act (HAA), Fla. Stat. §720.001, et. seq.: the HAA, which governs formation, management, powers, and operation of HOAs, is Florida’s law specifically applying to not-for-profit organizations operating residential homeowners associations in Florida. Fla. Stat. §720.302 (1) .

How does a short sale affect your Hoa?

A short sale does not extinguish the HOA balance or the seller’s responsibility for paying it. A seller remains responsible for his homeowner’s association dues, even when he can’t afford his mortgage. The HOA can complicate and even halt a short sale, as the association can legally attempt to recoup unpaid dues.

What happens when HOA fees are due to a property owner?

When HOA fees are due, the homeowners association, although not obligated to, may provide a statement to each property owner setting forth the assessment amount due. After receiving the statement, most homeowners pay the fees, and that’s the end of the story.

Can a Hoa levy special assessments on homeowners?

To prevent drastic actions from both the association and homeowner, the board must tread carefully when it comes to increasing HOA fees or levying special assessments. Depending on your governing documents, HOAs might need to give adequate notice to homeowners via certified mail.

What do you need to know about Hoa initiation fees?

Go to… An HOA initiation fee, also known as a buy-in fee or a contribution to working capital, is a set amount charged upon the transfer of a property within an HOA community from one owner to another.

What do you need to know about Hoa disclosures?

When purchasing a property subject to an HOA, the buyer is entitled to receive a disclosure summary only, not specific association documents like a purchaser of a condominium. This summary includes information such as mandatory membership and any assessments regarding the property.

How long does a Florida Hoa certificate last?

The new law also requires certificates to be delivered within 10 business days and remain valid for 30 days. It also standardizes the information each certificate must include so that each estoppel contains the same information.

Can a Hoa really foreclose on your home?

“An HOA lien allows the HOA to sell your property to repay assessments. The lien also operates as a cloud on title,” adds Pelaez. “This prevents you from selling or refinancing your home without satisfying the lien.”