Agent Mike is preparing a listing for a townhome in a homeowners association in Augusta. The seller mentions that monthly HOA fees recently increased from $150 to $200. What disclosure obligation does this create under Georgia law?
Correct Answer
C) The fee increase and current amount must be disclosed to potential buyers
Georgia law requires disclosure of material facts affecting the property, including recent HOA fee increases which impact buyer's ongoing costs. A is incorrect as disclosure is still required even if information is public. B is incorrect as the recent increase is material information. D is incorrect as there's no percentage threshold for disclosure requirements.
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More Ga Community Association Questions
A condominium association charges a transfer fee and a document preparation fee when a unit is sold. Under the Georgia Condominium Act, what standard governs the transfer-related fees an association may charge?
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- → A buyer is considering purchasing a condominium unit in a Georgia community association. The unit itself is in excellent physical condition with no visible defects. However, the association is currently facing a special assessment for major common-area repairs and is involved in pending litigation with a construction contractor. How should the buyer's agent advise regarding these association-level issues?
- → When preparing for a condominium resale in Macon, Agent David reviews the association documents. Which document is NOT typically required as part of the resale disclosure package in Georgia?
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Previous Question
During a condominium resale transaction in Georgia, the buyer's agent discovers that the association has filed a lien against the unit for $2,800 in unpaid assessments. The seller claims to be unaware of the lien. What is the buyer's agent's responsibility?
Next Question
A condominium seller owes $450 in unpaid past-due association fees, $75 in accumulated late charges, and $300 for an unpaid special assessment. The current month's dues of $125 have been billed but not yet paid, and the seller is responsible for dues through the day of closing. If closing occurs on the 15th of a 30-day month, what total amount must be held in escrow to clear all association obligations?