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Home-Time Realty
5122 50 ST Box 1050, Tofield, Alberta
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Thursday, December 13, 2012 - What are HOA fees?

HOA - stands for Homeowner Association.  You may have seen HOA Fee categorized on an MLS® highlight sheet:

Somewhat similar to a Condo fee, the HOA fee covers a residential neighborhood (primarly Metro) for things like upgraded landscaping, fencing, lamp posts regarded as common facilities.  They may also cover capital costs associated with Community Recreation Centres.

An encumbrance is registered on title when the residential development is established.  In many cases, the Association is somewhat quiet until the community builds up, with a nominal $1 fee being charged annually.  Once the community has grown, a board is formed involving residential owners, budgets are set, and assessments are made.

Recently, when touring Rutherford, Summerside and Ambleside in Edmonton, HOA fees have appeared where there didn't seem to be HOA fees before.  A good REALTOR® will ensure that you are made aware of the existence of an HOA fee, the amount, and what it's for.

Another note:   MOST HOA fees are collected annually, whereas MOST Condo fees are collected monthly.

posted in General at Thu, 13 Dec 2012 09:52:22 -0700

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