Condominium with no HOA or dues

[mschmidt]

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]

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.

 

[Lee Lansford]

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]

I doubt their reserves are adequate.

 

[EVAUSA]

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]

Yes, I found 2 other '2 unit condominium projects' that, according to the MLS, do not have any HOA dues.

 

[EVAUSA]

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]

Order a title search along with the permit search. If it exceeds your fee, it's simply the cost of doing business.

 

[EVAUSA]

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

 

[Joyce Potts]

facetious humor I hope

Sarcasm at its best.