HOA Reform Coalition Press Release Freehold and HOA Private Transfer Fees |
Sunday, 13 March 2011 |
Home Owner Associations Face Increasing OppositionFrom Homeowners to End âTransfer Feesâ
Homeowners and Realtors have fought for years to end the controversial Home Owners Associations (HOA) and Freehold Capital Partners private transfer fees charged each time a home sells. Business & Industry Committee will hear House Bill 8. The bill is an enabling act that opens the door to mandatory transfer fees and substantially increases the number of gratuitous administrative fees and fines the HOA management industry can charge. If passed, HOA governments can impose not only transfer fees but unlimited others: entry fee, resale certificate fees, certificates of compliance fees, capital Improvement fees, special assessment fees, covenant compliance inspection fees and even contribution fees.
HOA Reform Coalition
â PRESS RELEASE â
FOR IMMEDIATE RELEASE Contact: Nancy Hentschel
March 14, 2011 (832) 228-7642
Home Owner Associations Face Increasing Opposition
From Homeowners to End âTransfer Feesâ
Homeowners and Realtors have fought for years to end the controversial Home Owners Associations (HOA) and Freehold Capital Partners private transfer fees charged each time a home sells.
On Monday, March 14 2011, Business & Industry Committee will hear House Bill 8. The bill is an enabling act that opens the door to mandatory transfer fees and substantially increases the number of gratuitous administrative fees and fines the HOA management industry can charge.
If passed, HOA governments can impose not only transfer fees but unlimited others: entry fee, resale certificate fees, certificates of compliance fees, capital Improvement fees, special assessment fees, covenant compliance inspection fees and even contribution fees.
Adding unjustifiable fees and fines will hit the seller and buyer hard at the closing table with costs possibly totaling $10,000.00, with absolutely no added intrinsic home value or service benefit for either the buyer or seller. These added fees could further negatively impact the market by pricing many buyers out of homeownership. Too often the real estate agent bears the brunt of the sellerâs anger over these unexpected escalating fees.
House Bill 8 does not end HOA transfer fees, nor does it limit the infinite number of other creative fines and fees that the HOA industry can mandate for its enrichment.
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The
Texas
HOA Reform Coalition is comprised of concerned homeowners and homeowner organizations including the Home Owners for Better Building, Texas Homeowners for HOA Reform, Inc., and Texas Housing Justice League. The coalition was formed in 2010 with the intent of bringing a unified voice to the
Texas
Capitol. |
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