The state requires associations to be upfront about their financial health, but there’s a fee attached to it getting that information. Realtors say that amount can range from less than $100 to more than $1,000.
“What does a reasonable fee look like?” asked Bernalillo County Commissioner Wayne Johnson. “Here in Bernalillo County, what we're saying is $200 is a reasonable fee for providing info to a buyer that would be part of the association.”
It's an ordinance up for final action at Tuesday's Bernalillo County Commission meeting -- a cap at how much can be collected to find out information about a homeowners association.
"What you're looking for is predictability and uniformity," said Johnson, who’s also an Albuquerque mayoral candidate. "You're looking for fairness. This is information that a buyer has the right to know because they're going to be part of that community."
Johnson said he introduced this after a number of brokers said deals have been killed because of this disclosure fee.
“You're in a closing as a broker and buyer and suddenly you see on a closing statement,” he said. “You've got $1,500 charge just to get info about the financial health of the homeowner's association. That's really. That can really blow a deal in some cases.”
The Greater Albuquerque Association of Realtors says the fee is all over the board. It has to be paid up front, and often it's a complete surprise.
UPDATE: This Bernalillo County Ordinance was passed 5-0 capping fees on disclosure documents..
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