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Condo Purchase
Monthly fees may range from $190 to $400 and more depending on location and amenities. Condo fees often cover some
of the following expenses: 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 is not included.
Individual owners are responsible for ceiling and wall surfaces, cabinets, floor coverings, surface electric and receptacles,
plumbing and contents in the interior of the unit.
Annual fees for the master association may 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. In golf course communities there maybe additional cart fees for each round
of play. There may be a transfer fee imposed upon the sale.
There may be a management fee imposed ($100+) each time a unit is sold or rented to a different party. The new owner or
tenant must fill out an application and may have to be approved. There may be amenities transfer fees assessed as well.
In some communities there may be a one time 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 paid 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 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..
Some single-family homes are not in a gated or deed restricted community and therefore will not have homeowner
association fees.
In some communities there may be CDD (Community Development District) fee that is paid in the yearly tax bill to pay for
the infrastructure (roads, retention ponds, street lighting).
In some golf communities homeowners are required to join the Golf Club. Others only stipulate residents have a social club
membership. There are 3 categories: bundled golf, equity golf, or optional golf membership.
*These notes are for general information only. Buyers should verify specific information regarding a property.
EV 2009
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| Notes on Purchasing Local Real Estate |
| financial planner, and lawyer with regards to their transactions. |