An additional HOA practice tip is to circulate the statement regarding dues and/or other charges to all necessary parties. For example, all parties need to be aware of any transfer fees or capital contribution fees. In addition, the annual, quarterly, or monthly dues need to be accurately prorated.
Accordingly, the settlement agents for both the Purchaser and the Seller (and maybe even the Purchaser's lender) should all receive the portion of the HOA Packet which contains financial information required to be prorated or charged at settlement. This practice will eliminate any surprises at the closing table.
Contact me at 434-951-0858 or Tucker@TGBLaw.com if you have questions.
William D. Tucker, III
Tucker Griffin Barnes P.C.
Charlottesville & Lake Monticello