| Notes on Purchasing Local Real Estate |
Condo Purchase
Monthly fees for individual condo buildings may range from $190 to $400 and more depending
on location and amenities. Condo fees may cover such expenses as building insurance,
maintenance, landscaping, water, sewer, basic cable, trash removal, outside pest control,
security and management fees. Reserve funds are set aside for painting the outside of the
building, roof replacement, walkways, paving and elevator replacement. Insurance for the
contents of individual units are not included. Individual owners are responsible for ceiling and
wall surfaces, cabinets, floor coverings, surface electric and receptacles, and plumbing in the
interior of the unit.
Annual fees for master associations range from $1000 to over $6000 a year depending on
location and amenities. Fees generally include street maintenance and lighting, landscaping,
security, community pools, tennis courts, fitness center, clubhouse, and golf course if bundled.
There may be an association management fee imposed ($75-$100) each time a unit is sold or
rented to a different party. The tenant must fill out an application and may have to be
approved. There may be amenities transfer fees assessed as well.
In golf course communities there maybe additional cart fees for each round of play.
In some communities there may be a one time capital capital contribution fee collected each time
a unit is sold. Sometimes the seller must pay this fee and in some cases this is the buyer’s
expense.
In some communities there may be CDD (Community Development District) fee that is included
in the yearly tax bill to pay for the infrastructure (roads, retention ponds, street lighting).
Buyers should request a copy of the condo documents, the latest budget, and a “Question and
Answer” sheet from the seller or the management company. Buyers have a limit of 3 days to
read the documents in order to be released from a resale purchase contract and 15 days on a
new construction contract.
Single Family Home Purchase
In a deed restricted or gated community there will be yearly fees for the common areas, which
may range from $1200 and up. Homeowners are responsible for their own water, sewer, trash
removal, painting, and roof repairs. Some associations provide for lawn care and basic
landscaping, however most do not. Sellers in a homeowner association community must provide
information about the fees and restrictions, and buyers have a 3 day right of rescission on a
home purchase contract.
Some single family homes are not in a gated or deed restricted community and therefore will not
have homeowner association fees.
| Information contained on this site is intended as general interest only. Consult with your own legal, accounting, and real estate professionals for specific advice. |
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