Updates to Reston Association’s disclosure document fees for home resales will go into effect on Aug. 20 following the Board of Director’s approval of the new fee breakdown last month.
The Property Owners’ Association Act requires homeowners to provide interested purchasers with legally required information about the property, common areas and the homeowners association.
State law allows RA to charge fees to prepare disclosure packets, which must be completed within 14 days from the day payment is received. According to a statement, fee increases were instituted to account for inflation over the last five years.
Fee increases vary between roughly $17 to $39 depending on the type of document to be disclosed. The new fee schedule is below:
Additionally, the fee for electronic disclosures is $264.08 and $293.42 for paper or CD disclosures.
Photo via Reston Association
(This story was updated at 9:23 a.m. on Aug. 7 to include fees for electronic and paper/CD disclosures).