HOA Dues and Fees: Who is Liable to Cover This at Closing?

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Suppose you live on a property in a planned community. Now, you want to sell it and move to another place, but selling this type of property does not involve the same process as others. To ensure a smooth home sale, you should understand all aspects of the sales process. Today, we will focus on HOA fees because not many people know about them.

●       What are HOA fees?

HOA fees are an abbreviation for Homeowners Association Fees. These are monthly fees a homeowner is liable to pay to the association. It is essential for all individuals living in a community. After all, HOA fees influence their quality of life directly. The association uses the money for subdivisions, managing recreational facilities, and maintaining grounds. Besides this, the amenities HOAs cover are:

○        Insurance premiums

○        Security expenses

○        Common area utilities

○        Property management

Do you want to sell a property that is under the Homeowner’s Association? If so, then you must clear off your HOA fees. Otherwise, you might face delays, and you will not be able to sell a Roseville home fast. But many homeowners have this question: What if we do not pay HOA fees? If you are also wondering this, we are happy to help.

●       What if homeowners fail to cover their monthly HOA fees?

Everyone who is a part of the Homeowner’s Association must pay HOA fees. If they don’t, they will not receive the amenities, which will degrade the quality of their neighborhood. But this usually does not happen. The HOA does not wait for each member to pay their fees. So, what is their measuring step?

In most cases, the homeowner has to pay a fine. The HOA may put a lien on their houses and even lawsuits, if required. Any HOA due is a personal liability of the owner. Have you been missing out on your HOA fees? Then clear your debts before closing, or you will face challenges when selling your property. If you haven’t paid your HOA fees for some time, it can add up greatly.

In closing

If you cannot afford to cover your overdue HOA fees, sell your property to real estate investors offering cash for homes in Roseville. At Detroit Cash For Homes, we buy houses in any condition in Roseville, even if it has outstanding HOA fees. Our selling process does not require repairs, listing, or staging. Thus, you can close the deal fast and get cash immediately. You can use the cash to pay off your debts.

For more information, call us today!

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