Who Pays HOA Fees in Venice?
Understanding Who Pays HOA Fees in Venice
Quick Answer
In Venice, Florida, the responsibility for paying HOA fees typically falls on the property owner. This is governed by Florida Statute 720, which outlines the obligations of homeowners in communities with mandatory associations. For example, if a seller has unpaid HOA fees, it can lead to a lien on the property, potentially delaying the closing process and costing the buyer additional legal fees. Discovering unpaid fees late in the transaction can result in significant financial exposure or even the collapse of the deal. 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
One common problem is the failure to obtain a proper estoppel certificate, which outlines any outstanding fees or obligations. Florida Statute 720 requires this document, and without it, buyers may unknowingly inherit debts, leading to unexpected costs and potential legal disputes. In one case, a buyer discovered a $5,000 lien at the final walkthrough, forcing a renegotiation and delaying the closing by weeks.
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Another issue arises with HOA approval bottlenecks, especially in Venice‘s seasonal market. Associations can take weeks to approve new buyers, and any delay can push closing dates, risking the buyer’s mortgage rate lock and increasing costs. I once saw a deal fall apart because the HOA board didn’t meet in time, costing the buyer their deposit and leaving them without a home.
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 all parties are financially and emotionally invested, and any delay can lead to increased costs or loss of the property. Buyers risk losing their earnest money deposit and facing additional legal fees if these issues are not resolved promptly.
What I Tell Clients Before They Risk Money
- Verify HOA Fees: Always request a current estoppel certificate to confirm all fees are paid.
- Check HOA Approval Timelines: Understand the association’s approval process and timeline to avoid closing delays.
- Review Florida Statute 720: Familiarize yourself with your rights and obligations under this statute.
- Assess Seasonal Risks: Be aware of how seasonal demand can affect HOA responsiveness and closing timelines.
- Prepare for Unexpected Costs: Have a financial buffer for potential legal fees or renegotiation costs.
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.
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Questions Clients Actually Ask
What happens if the seller hasn’t paid their HOA fees?
If the seller hasn’t paid their HOA fees, it can result in a lien on the property, which must be cleared before closing. This can delay the transaction and potentially add legal costs for the buyer.
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How can HOA approval delays affect my purchase?
HOA approval delays can push back your closing date, risking your mortgage rate lock and increasing your overall costs. It’s crucial to understand the HOA’s approval process and timeline to mitigate these risks.
What To Do Right Now
Request a current estoppel certificate from the HOA to verify all fees are up to date and there are no outstanding obligations on the property.
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