Agent Williams is handling the sale of a townhome in Alpharetta Crossing HOA. The association charges a transfer fee of $150 and requires board approval for all sales. How should Williams advise his clients about these requirements?
Correct Answer
B) Both the transfer fee and board approval requirement should be disclosed to buyers before contract
Both the transfer fee and any board approval requirements must be disclosed to buyers before contract execution as they affect the buyer's rights and costs. A is incorrect as reasonable transfer fees are generally permitted. C is incorrect as board approval requirements are material and must be disclosed. D is incorrect as these requirements exist in the governing documents regardless of contract language.
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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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Previous Question
Buyer Chen is purchasing a condo in Atlantic Station. During the review period, she discovers the association's reserve fund is significantly underfunded for upcoming major repairs. The seller claims this wasn't disclosed because no formal assessment has been levied yet. What are Chen's rights under Georgia law?
Next Question
A Georgia condominium seller requests a resale certificate from the association, but the association takes 21 days to deliver it. The purchase contract includes a 10-day document review period that began when the contract was executed and has already expired. What is the most likely outcome regarding the buyer's review rights?