Condo Media - July 2021 - 31

TRANSFER FEES
There is one way to increase the amount
of reserves without increasing monthly
condominium fees and assessing all
unit owners. The way to do it is through
the establishment of a unit transfer fee.
What is a unit transfer fee? It is a fee
that is imposed at the time of a sale of a
unit. Only the sale of a unit triggers the
levy of the fee. At that time, sellers and
buyers are already paying fees related
to the sales transaction. Typically, the
transfer fee is the amount of two or
three months of the unit's monthly common
expense obligation. Once paid, this
amount is added to the reserve account.
Funding the reserve account through
a transfer fee would be a direct benefit
to the association and will therefore be
acceptable to lenders in the secondary
mortgage market. Most owners and buyers
are not bothered by the requirement
for such a fee because it is happening
at the time of sale when significant
amounts are already changing hands.
While it is prudent to have
sufficient funds in the reserve
account, the reality is that
most associations try to cut
expenses, and unless the funds
are needed in the near future,
it is frequently considered
a nonessential issue.
How is the transfer fee established?
Creating the legal obligation for a transfer
fee will likely require an amendment
to the association by-laws, which will
require the requisite consent of the unit
owners. Although accomplishing an
amendment can be challenging, if the
transfer fee is paid by the buyer, then
the existing unit owners may be more
agreeable to the amendment.
 JANET ARONSON, ESQ.,
IS A PARTNER WITH THE
LAW FIRM MARCUS, ERRICO,
EMMER & BROOKS, P.C.
Your Banking Needs Are
Important To Us
That's why South Shore Bank has developed
an entire program just for condominiums!
- Very competitive interest rates and lending solutions.
- Amortization timeframes up to and beyond 15 years.
- Every loan customized to meet the association's unique
needs.
- A team of experts who have been helping the condominium
industry for over 10 years.
Give us a call today to discuss how we can serve you best.
Dan Picha, First Vice President
Director of Commercial Services & Digital Banking Solutions
1530 Main St.
South Weymouth, MA 02190
781-682-3243
dpicha@southshorebank.com
www.southshorebank.com
July 2021 CONDOMEDIA 31

http://www.nsins.com

Condo Media - July 2021

Table of Contents for the Digital Edition of Condo Media - July 2021

Contents
Condo Media - July 2021 - Cover1
Condo Media - July 2021 - Cover2
Condo Media - July 2021 - Contents
Condo Media - July 2021 - 2
Condo Media - July 2021 - 3
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Condo Media - July 2021 - Cover3
Condo Media - July 2021 - Cover4
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