When making an offer on a home located in a Homeowners Association (HOA), be sure and include the HOA Addendum with the offer.
How Much is the Monthly HOA Fee?
Before the “H.O.A. Condominium/Planned Community Addendum” was created, some Arizona home buyers were shocked to find out after purchasing their homes that they had to pay much higher monthly HOA fees than they were led to believe.
The solution? The HOA Addendum to the purchase contract forces the seller to commit in writing to the full amount of all HOA fees so you, the buyer, know exactly what you’ll be paying.
Who Pays the HOA Transfer Fee?
The HOA transfer fee and similar fees are one-time fees paid when a home is sold.
Some HOAs have exorbitant transfer fees (over $1,000) and when that happens the seller may push a lot harder than usual to get you, the buyer, to pay the fees.
In the HOA Addendum, you and seller agree in black and white to who will pay the transer fee – you, the seller or split between you and seller.
To prevent any surprises later, we will help you work out during the original contract negotiations an agreement with the seller on who will pay the HOA transfer and similar fees.
Call me with your questions about the HOA addendum.
Here is an old sample copy of the HOA Addendum. The addendum was the fabulous idea of the Arizona Association of Realtors to help protect Arizona home buyers like you.