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What's typical for an "HOA demand statement" for condo sale? Common Interest = $399, seems steep

No wonder people prefer single family to condos.
This $399 HOA demand statement was 1 pg PDF, mostly handwritten, stating if we owed anything to the HOA(we didn't).   But, any owing is settled during closing at escrow.

Common Interest Management seems especially expensive.  $539 for all the documents needed to sell the condo, satisfy lender, etc...   I think that it'd help to have more transparency to these kind of fees
  • March 11 2010 - Foster City
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Answers (3)

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I would have to agree with your statement. I too have experience high HOA Management fee when purchasing. I'll be charge again when I sell my unit. In a world of computers when all docs can be emailed and put in simple formats at minimal cost or NO cost to management firms I think these fees are over stated. In most states there is no regulation of fees charges for condo docs. As a Mortgage Broker I find that most companies charge for a Condo Cert, required by all lender in order to get a loan. This form takes about 5 minutes to fill out and I've seen costs from 50.00 to 250.00 for this form. Again no one is overseeing these Property Management companies. WHY ??
  • March 11 2010
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Profile picture for jray6
The prop. management company is "Common Interest Management" for "Marina Point HOA" in Foster City.

Move in fees are on top of what I already paid, however the buyer will pay that.

As the seller, I was charged all of the following...
(1) $140 - Lenders Questionnaire
(2) $200 - Typical document packet required by buyer
(3) $399 - HOA Demand statement, required to close escrow

I totally agree with "LoanLady Nationwide".   I wish there was more oversight to these property companies.   Well, let's get the word out at least.
  • March 15 2010
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Which prop management is it?

It is normally around 200.00. Not only that, but watch out for "move in" fees in a condo building.

  • March 12 2010
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