Tag Archives: july

IL: Homeowners discuss condo association law

News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network

The Community Association Manager Licensing Act went into effect July 1, and was the subject of much criticism at the November meeting of the Naperville Area Homeowners Confederation.
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N.C. law banning transfer fees is questioned

Q. I need guidance on the new law dealing with transfer fees. I am a real estate agent and I have a home listed in a community whose covenants, conditions and restrictions state that a fee of 6 percent of the sales price of every home is to be paid to the developer at closing. With the new law banning transfer fees, is this seller obligated to pay the 6 percent to the developer at closing?

The governing documents of many communities, often called Covenants, Conditions, and Restrictions (CCRs), require the payment of a fee to the HOA upon the sale of a home.Such fees can be helpful for a fledgling HOA trying to build its capital reserves. These transfer fees typically were imposed only on the initial sale of a home, but not on subsequent resales.

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