CHANGE OR RECORD/FINANCIAL STATEMENT:
Harmony Management Group Inc. will act as liaison with homeowners, realtors, mortgage companies and title companies when properties are sold, and issue status letters, PUD’S, Condo Certifications and other reports as required. The Managing Agent will charge a Transfer of Title fee of $300.00 to the buyer/seller for this service to be paid by the parties involved. For units that are with the Associations attorney for collections, the Transfer of Title Fee is an additional $75.00. A Transfer of Title Fee will be charged for all closings, both original sale from builder to the first buyer and on all subsequent resales or refinances, except that the fee to process a refinance will be at a reduced rate of $50.00. For properties in foreclosure at the time of transfer, an additional fee of $275.00 will be charged to allow for the double transfer of title and the additional administrative responsibilities. There will be no expense to the Association.

The Managing Agent will charge a Status Letter fee of $50.00 for this service, to be paid by the parties involved.

In addition to the above fees collected at closing, two months of prepaid assessments are collected from the buyer.

Working Capital Charges are specific to each association and are detailed in the association’s declaration. In general, new homes that are sold from the builder to the first buyer, have a working capital fee that is usually equal to two to four times the regular month assessment at the time of closing. When a home is then resold from the first owner to a different owner, (usually) the working capital is then credited to the new owner from the seller. Working Capital is not (usually) collected for resales.