• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Condominium with no HOA or dues

Status
Not open for further replies.

mschmidt

Freshman Member
Joined
Dec 12, 2007
Professional Status
Licensed Appraiser
State
California
I am doing an appraisal on a property that according to the city is a condominium per thier requirements. The plat map shows it as a condominium also. However, according to the homeowner, there are no HOA dues or homeowner association. I have not run into this before. Is it possible to have a condominium without HOA dues?

Thanks for any help :)
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
I am doing an appraisal on a property that according to the city is a condominium per thier requirements. The plat map shows it as a condominium also. However, according to the homeowner, there are no HOA dues or homeowner association. I have not run into this before. Is it possible to have a condominium without HOA dues?

Thanks for any help :)
Yes. I have one that the HOA dues are voluntary. I have one where the charter of the HOA was dissolved by the residents to get rid of the 55+ age restriction.

You have to get the support document or reference it.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
mschmidt;1614773...Is it possible to have a condominium without HOA dues?...[/QUOTE said:
Yes.

However, common costs have to be taken care of in another manner.

It's not uncommon...though not typical...for small (say, 3 units) projects to pay for costs of maintenance etc. as the costs are incurred with each owner paying the appropriate share. Thus, no "HOA dues" but the expenses are paid by the owners.
 

Couch Potato

Elite Member
Joined
Mar 15, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I doubt their reserves are adequate. :rof:
 

EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
I live in a condo that doesn't have an HOA or dues. Is there any MLS from sales in the "project" to confirm their isn't an HOA? Maybe there isn't a "project", but similar condos in the same neighborhood that are independently owned. Do you have any similar comps?
 

mschmidt

Freshman Member
Joined
Dec 12, 2007
Professional Status
Licensed Appraiser
State
California
Yes, I found 2 other '2 unit condominium projects' that, according to the MLS, do not have any HOA dues.
 

EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
What's the zoning? I'm in an R2 "duplex style" condo, each side individual ownership. Some houses in our hood are R2 true duplex, single ownership, depends on if the additional fees were paid to condo-map. Anyways, sounds like you have some good comps, just explain. :)
 

Joyce Potts

Elite Member
Supporting Member
Joined
Feb 6, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Order a title search along with the permit search. If it exceeds your fee, it's simply the cost of doing business.
 

EVAUSA

Junior Member
Joined
Jan 26, 2008
Professional Status
Certified Residential Appraiser
State
California
Order a title search along with the permit search. If it exceeds your fee, it's simply the cost of doing business.

facetious humor I hope :rof:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks