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Article Courtesy of Channel
6 Click Orlando
Published April 24, 2022
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WATCH
VIDEO |
For all the excitement people have related to buying a house, forthcoming
homeowner’s association (HOA) fees can be a big damper to the process if buyers
and sellers aren’t careful.
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On
this latest episode of “You Have Real Estate” with Attorney Justin Clark,
Orlando-area Realtors Holly Kroll and Jay Heckendorn-Telenda discuss what people
should know about homeowner’s association fees.
Here were three key questions that were addressed.
1. What is an estoppel letter?
An estoppel letter is a document from a homeowner’s
association outlining various fees and balances, and whether
there is a singular HOA or multiple HOA’s governing a
property.
“The estoppel is a full disclosure of everything,”
Heckendorn-Telenda said.
2. Can not having an estoppel letter
affect transactions?
Yes, it can. Having any fees from HOAs up-front before
closing is essential. |
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JR Kroll, Holly Kroll and Jay Heckendorn-Telenda join
Justin Clark to talk about homeowner's association fees and how they
can affect deals.
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Both Kroll and Heckendorn-Telenda have seen instances in which deals are
held up at the last minute because of fees that weren’t disclosed up front,
which sends not only buyers and sellers scrambling, but also title and
insurance companies.
“They always tell us Realtors to make sure there is a form that is supposed
to be attached and signed that is done,” Kroll said. “That information needs
to be out there (or else) it could kill a deal.”
3. Is there any way to not have homeowner’s association fees?
An HOA can sue an owner for not paying fees, so the best way to avoid paying
fees is to buy a property that’s not attached to an HOA.
However, that can greatly limit a search for a property, although Kroll said
more and more people are attempting that route.
“Probably more often than I’ve ever seen,” Kroll said. “We are getting so many
people from up north who aren’t used to HOAs. You even mention it and it’s a
foreign entity to them.”
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