Highlands owners approve transfer fee increase
- Regal Courier - News
Home buyers in the Highlands Homeowners Association will be paying a higher transfer fee as the results of a full membership vote in May.
The nonrefundable, one-time fee was raised from $300 to $750. The change went into effect June 1.
'Sales of houses and condos already under way before the vote in the 55 plus community were allowed to go through at the lower rate,' said the Highland's administrator, Ann Arden.
More than a three-fourths of eligible voters participation is required to amend the Covenants, Conditions and Restrictions for the Association. In the election 79 percent of those that voted approved of the increase.
The increase in the transfer fees does not affect current Highlands owners in so much as the fees are paid by new buyers as part of their closing costs.
Proceeds from transfer fees, which are deposited in the community's Reserve Fund, are used to fund capital improvements, equipment, and major renovations to the Highlands clubhouse, walking trails and common areas, said Arden.