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Buying or Selling a Home/HOA fee and Sepecial Assessment

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Expert: - 8/20/2010


Question
Dear Sharon,

should I start to pay HOA Fee and Special Assessment from the date I purchased or I need to pay the all balance from previous owner?

Answer
Hello
If the Special Assessment is not something levied against new owners,  it should be prorated along with the HOA fee.  In other words if these fees have not been paid for the year, you should be credited and the Seller should be debited on the HUD 1 Statement each for your portion of the year.  If they have been paid, then it goes the other way around.  I also suggest you check with the Homeowners Association and make sure all fees are up to date for the previous year.  This needs to be straightened out to your satisfaction before or at the closing. Make sure the Closing Attorney is aware of this.  
Good luck and much happiness in your new home.

Buying or Selling a Home

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Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO

Expertise

A lot of people who want to move to the mountains don't really realize what it might involve. For instance, here in North Georgia, if you want a mountain view, you may have to drive up very steep roads. Will you have well water (That's usually good!)? Do you speak septic tanks? Have you considered that if you want really want to get away from it all, you'll do it on a gravel road? What's difference between a Log home and a Log Sided home? How can I tell? Who takes care of the house when you're not there? Where can you stay to check it out? This is a very popular area for second homes and investment properties or when you finally decide to get way from it all, I can find your perfect property. I can answer questions on North Georgia Mountain living, housing, land, amenities, and activities. We handle a lot of foreclosed properties in our office so I have become a Certified REO Specialist. REO means Real Estate Owned and is the industry name for a Foreclosure. It refers to "owned by a bank or other corporate entity". If it involves an area of expertise I don't have, I can probably tell you what kind of an expert you do need.

Experience

We've had property in the Ellijay area for over 10 years. My husband, who is a Civil Engineer and Appraiser, and I built our own log home. We researched log homes and North Georgia for three years before choosing Ellijay. Because of the building experience and being married to an engineer/appraiser, my real estate experience is a bit more extensive than average. I also am an education freak believing that the more you know, the better off you are. My husband and I both like photography, so we drive and hike all over the mountains looking for pictures.

Education/Credentials
MHA, CMA, Licensed Realtor, Associate Broker, e-PRO, GRI, Certified REO Specialist. Realtors are required to have 24 hours of continuing education every 4 years. In the last three years, I have 180 hours so far!

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