Georgia Association of Realtors (GAR) is once again aggressively fighting SB178 on HOA Closing Letter Fees.
Lots of wrong info out there on this topic. There are a few bad players that are truly charging too high of price for these services. However, contrary to the rhetoric from GAR, presently the state law of $10 for a statement of account only covers Condos and those very few HOA’s that are dedicated to the POA (less than 10% of all HOA’s). The statement of account only covers any amounts that the current property owner owes. Nothing more. The closing attorneys and buyers want much more information and each closing attorney has their own unique request form that much be read by a human and answered correctly. No just “pushing a button” for that task.
The current language on this bill can be read here: http://www.legis.ga.gov/legislation/en-us/display/20192020/sb/178
At this time, the amounts are $250 for the standard closing letter, $100 rush fee is needed in less than 10 days and a $50 30-day renewal fee.
I believe that the main reason Gov Deal vetoed the bill last year was due to the fact that $100 was too little on top of several other reasons. I believe that a compromise could still be met that would lover the fees. The only other concern I have is having a request form Codified into law. Too hard to change a form after it has become law in future years, and you know we would need to do that.
I encourage you to write to your senators and ask them to support a compromise for lower fees (For example, $150-175 for standard letter, $50 rush and $50 renewal) and just not outright oppose this bill.