HOA Dues
Who generally pays for the HOA (home owner association) dues...the landlord/seller or the tenant/buyer? I have heard it both ways and was curious as to how most everyone else has it set up.
[addsig]
Who generally pays for the HOA (home owner association) dues...the landlord/seller or the tenant/buyer? I have heard it both ways and was curious as to how most everyone else has it set up.
[addsig]
It would depend on what is negotiated for the final deal. I am sure that as long as the HOA gets their money, they dont care who pays it. I would even consider a split. I got jacked on the HOA dues when I bought my current home, as the seller didn't tell me about the dues until closing...I was pretty uneducated to the ways of realtor/builder ways. I found out lots of nasty things after I got my rude awakening. Hence 1 of the reasons I am now learning the ins and outs of CREI. To avoid having to go thru that again, and to treat people with the dignity they deserve, not to take advantage of their weaknesses. Good luck
As pejames said, who pays the dues is something you negotiate in your contract with the tenant. However, the bottom line issue is the property owner is responsible insofar as the Association is concerned. If under your agreement with the tenant, the tenant is responsible, but if the tenant doesn't pay the fees, you--the property owner-- are still on the hook. And these dues are probably a lienable item.
As previously stated, it's an as agreed issue. Either party can pay.
Now if you are the seller/lessor then always (without exception) include that amount into the monthly tenant/lessee's obligation to you.
Many times a tenant gets strrapped for cash and will not (fi she has the obligation) make the HOA
payment. The HOA will place a lien against the property and on occasion foreclose on the property.