If you put an offer on an Arizona home that is located in an Homeowners Association (HOA), we will include with your offer an “H.O.A Condominium/Planned Community Addendum.”
Before this addendum came into use a few years ago, some Arizona home buyers were surprised to find out after purchasing their home that they had to pay much higher HOA fees than they were led to believe they would pay.
The HOA Addendum to the purchase contract gets the seller to commit in writing to the amount of the HOA fees.
In addition, a few Arizona HOAs have extremely high transfer fees and this addendum clarifies who will pay those fees, the buyer or the seller or both. Obviously, we always recommend to our buyers that the seller pay all HOA transfer fees and it seems to becoming customary in this market that the seller pay those fees.
The seller, however, does not have to agree to pay the HOA transfer fee. Whether the buyer, the seller or both will pay the transfer fee can become part of the overall contract negotiations.
I would be happy to help you if you have any questions about the HOA addendum. Call me at 480-596-3851.
I want to be your Realtor!
{ 1 comment… read it below or add one }
Beverly Marshall 01.29.10 at 3:49 pm
When will the laws protect association members from bad boards and property management companies? What group if any can we work with in order to try and change some of the laws governing HOA’s?