Closing Statement HOA Fees Release

An auto-calculation line item in the Closing Statement for Homeowner/Condo Assessment Fees is now available in Real Estate Matters.

How to Add Homeowner/Condo Assessment Fees to the Closing Statement

1. From a Real Estate Matter's Closing Statement:

  •  Select "Add"
  • Use the "Description" drop down to find "Homeowner/Condo Assessment Fees" and select save.

2. Double click "HOA Fees" from the Closing Statement to enter in additional details. 

  • Note: If you have not entered in the Closing Date in Closing Details, you may insert it on this layout as well. You must enter in a Closing Date prior to using Homeowners/Condo Assessment Fees Calculations to ensure accuracy of the calculation.

3. Enter in appropriate details for HOA fees

  • Enter in the Total Amount for the pay period in which the closing date falls. Note: This fee should be paid up to or past the date of closing. The calculation will help you figure out the prorated amount of the HOA fee owed back to the seller.
    • HOA fees can be prorated to any amount, but defaults to 100%.
  • Payment Frequency can be set to Monthly, Quarterly, Bi-Annually, or Annually.

4. The HOA Fees will be calculated and be available to be automated on the Closing Statement.

Did you know...

  • In the event that the fee is unpaid, the fee will default as a debit for the seller instead of a credit since they are responsible for paying this fee to the association while owning the property.
  • Similar to the Real Estate Tax Calculation Screen, the shown calculation can be changed by selecting the "Edit Line Items"
  • You can override the debit/credit/payee defaults as well.

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