How to Avoid HOA Fees in Nokomis
How to Avoid HOA Fees in Nokomis: A Risky Proposition
Quick Answer
Avoiding HOA fees in Nokomis is nearly impossible if you’re purchasing a property governed by an HOA. Florida Statute 720 mandates that homeowners within an HOA must pay dues, which are legally enforceable. For instance, I’ve seen buyers attempt to negotiate these fees only to face legal notices from the association. Discovering this late can lead to unexpected legal costs and potential liens on your property. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
HOA Fee Misunderstandings
The problem often arises when buyers underestimate the binding nature of HOA fees. Governed by Florida Statute 720, these fees are not optional and are crucial for maintaining community standards. In one case, a buyer tried to close a deal without budgeting for these fees, leading to a last-minute scramble to secure additional funds. The consequence was a delayed closing and increased stress, risking the buyer’s deposit.
Underestimating Estoppel Certificates
An estoppel certificate can reveal unpaid fees or special assessments that the buyer must cover. This document, required by Florida law, often surfaces during the final stages of a deal. I once had a client who was blindsided by a $5,000 special assessment revealed in the estoppel, nearly causing the deal to collapse. The financial burden was significant, and the buyer had to renegotiate terms or risk losing the property.
Recently my husband and I bought a condo in Longboat Key. We initially chose Team Renick simply because they were representing a property we were interested in, but decided to stay with them because they were so attentive. Eric Teoh was the agent assigned to us and he was very efficient, always prompt, and extremely knowledgeable about every property on LBK. When the day came for the walk-thru of the property we decided to bid on, Eric actually helped me measure the walls and even noticed when I wrote the dimensions on the wrong parts of the floor plan. When we had our closing, our attorney was impressed that our realtor was providing us with such a good home warranty. And then there’s Team Renick’s contribution to the LBK nature conservancy for every sale they make. On every front, an outstanding realtor!
– LWGraboys, Zillow Review
Where It Usually Blows Up
The transaction stage where these issues typically surface is during the final walkthrough or just before closing. This timing is brutal because buyers have already invested time and money into the process, and discovering unexpected fees can jeopardize their financial standing. When this happens, buyers risk losing their earnest money deposit, face closing delays, and may even see the entire deal fall apart.
What I Tell Clients Before They Risk Money
- Understand HOA Obligations: Always review the HOA’s financial requirements before making an offer.
- Request an Estoppel Early: This document can reveal hidden fees that could affect your budget.
- Budget for Assessments: Plan for potential special assessments that may arise after purchase.
- Consult a Real Estate Attorney: Legal advice can clarify your obligations and protect your interests.
- Negotiate with Knowledge: Use the information from the estoppel and HOA documents to negotiate effectively.
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What happens if I refuse to pay HOA fees?
Refusing to pay HOA fees can lead to legal action by the association, including liens on your property. Florida Statute 720 allows HOAs to enforce these fees, which can result in foreclosure if left unpaid.
Can I negotiate HOA fees before buying?
While you can try to negotiate, HOA fees are typically non-negotiable as they are set by the association to cover community expenses. Attempting to negotiate without understanding this can lead to deal delays and potential contract termination.
We recently purchased a condo on LBK. Eric is the reason. We were looking for several years. Eric is extremely knowledgable, professional, patient, kind, and most importantly, honest. As an example, his always gave his honest opinion of the price/value of a property instead of just supporting the list price in order to make a sale.
– Cynthia Tessler, Zillow Review
What To Do Right Now
Request a copy of the HOA’s financial documents and estoppel certificate as soon as you consider a property. This proactive step can help you understand your financial obligations and avoid surprises.
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