New Homeowner HOA Requirements
If you are going to be SELLING your home PLEASE clarksimsonmiller.condocerts.com to notify us! CSM should be notified by your attorney to receive an updated account statement etc. and CSM can have accurate records.
1. The annual assessment is due January 1 in the amount of $800.00.
2. Capital Contribution. $1,600
As required by our governing documents, Section VII B:
Requires new owners within Tidewater to make a capital contribution to the Association's reserve account upon purchasing a lot or home within the community. This amendment helps the association build a reserve account for any future unforeseen or unanticipated major expense. At the time such purchaser acquires title to a Lot, a one-time capital contribution to the Association in the amount of two times the Annual Assessment attributable to said Lot ($1,600). The capital contribution to be paid hereunder is not an escrow or advance and is not refundable. Said capital contribution is due and collectible from the Owner at the time of transfer of record title of the Lot and will be used to fund a replacement reserve.
(Seller) HOA transfer fee and document preparation fees.
HOA transfer fees are standard fees that occur when a property is transferred from one owner to another. They are meant to cover the costs associated with preparing documents, handing out HOA’s rules to the new owner, dealing with property inspection records, changing names in the homeowner databases and other administrative costs.
When a home is purchased, there is a one time fee due directly to Clark Simson Miller from the seller for the Certification Fee & a fee due from the buyer known as the Documentation Fee. The Certification & Documentation Fee are administrative fees that covers the cost of certifying the dues amount at closing, transferring ownership in the HOA system to keep records current, setting the new owner up on our billing system while removing the previous owner, and sending out welcome kits and other associated items.
