Monday Market Myth: Buying a Condo

Myth: A buyer purchasing a condominium must pay upfront fees that does not have a maximum amount being charged by the Home Owners Association, and must pay for it themselves.

False: Governor of California Jerry Brown made a positive move for home buyers with the AB 771 who are purchasing condominiums and made it illegal for HOAs to charge excessive amounts for upfront document fees.  Because condo owners were delinquent on their HOA dues, the association was trying to bundle fees and recoup costs.  The fees were unfairly being passed onto the potential buyer, and the funds were nonrefundable if the transaction fell through.  The bill states that only a fee can be collected for the specific documents, so hopefully the regulation will make a condo purchase more affordable.

Are you interested in living in the Hollister condo areas such as Terraces, Gibson Station, or the condos in Ridgemark? Email me for a list and let’s take a peak at kjurevich@gmail.com

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