Cost for Documents in HOA Refinance – What is Reasonable?

Cost for Documents in HOA Refinance – What is Reasonable?

From a reader:

“I recently needed a copy of the HOA  Certification documents .I traveled to the office of the organization that  manages our condominium ( I am one of 100 owners ) asked to pay $ 135 and told  that the document will be faxed direct to the Refinancing company I am working  with.

I have 2 questions:

Is the fee excessive ?

Can the document or a copy of it be kept by the owner so he can make any number  of copies he wants or the owner will have to pay $ 135 every time he needs a  copy?”

My responses: The fee is  probably common – maybe a little on the high side of average.

If you requested a copy for yourself, you could give a copy to the refinance company. However, escrow
companies often send an escrow demand and want the information to come directly from the association or management. It makes things more streamlined and supports consistent practices, and a likelihood of the submittals being more accurate. And then, too, escrow companies often request additional information
like certification of the outstanding assessments due, if any, sometimes insurance declarations, and sometimes even lender questionnaires. They may not accept a partial package of information from the owner.

I once refinanced a condo and had to pay $275 for the escrow demand package when I had all of the
documents in my files from my purchase. Yes, I was fried. But I swallowed the pill and moved on.

 

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