Since March of this year members of GAAR and staff have been working closely with City Councilor Don Harris to pass an ordinance capping the fee that HOA/Condo management companies can charge for disclosure documents.
I am happy to report that on a 7-2 vote councilors PASSED O-16-21.
The fee will be capped at $200.00 and payment will be required at closing, not up front as is now the case with many of the HOA management companies.
I would like to thank the many members who took time to come twice to City Council meetings and testify. I would also like to recognize members of RECPAC (Real Estate Community PAC) for their hard work from beginning to end in working this ordinance through the process.
Thank you to Councilor Don Harris for taking up this issue and for being a champion for homeownership.
Mayor Berry will need to sign the bill for it to become law and we will report when it will be effective.
Executive Vice President