Hooray! Nevada's Homeowner Associations took one on the chin last week. Couldn't have happened to a nicer group.
Disclaimer: I intensely dislike my HOAs because. Well just because!
The Nevada Supreme Court, in a unanimous ruling, found that Nevada law does not allow the HOA to collect costs and fees in addition to the nine months of back-owed assessments. Why is this important?
True story. Happened to me: in 2007 I had a sales contract on a foreclosure that I was buying for my investment portfolio. The homeowner did not pay the HOA dues and state law says the association can collect dues owed for up to nine months. I could afford $55 times 9. Two days before closing the title company informs me when it got the HOA document back a collections agency had an $8,000 unpaid bill. I could not get clear title to the house unless I paid the $8k too. Later I found out the property management company that managed this HOA also owned the collection agency.
Well, kids, I was outraged but paid up because the house price was such a good deal. (I was buying the land and one bathroom--the rest of the house was free!) Still, that was robbery in my book. The HOA should get what it is owed by law and not gouge buyers for fees just because they can.
Unfortunately the ruling only applies to HOA dues disputes up to last week. All changes going forward have to come from the Nevada Legislature. You know how I am going to screen candidates in the future!
The court case is Horizons at Seven Hills Homeowners Association v. Ikon Holdings.
Trust eXp Realty and our team of real estate agents to help you find homes for sale or to sell your current home. We recognize the level of service that the mobile consumer demands. You have information. You have dreams. We possess experience, integrity, and innovation. Together we create leverage to make your dreams a reality.
The Raiders will be touching down in Las Vegas in 2020. How
"My partner and I hired Jake Soteros to be our real estate agent last year after deciding we wanted to invest in the ever evolving downtown Las Vegas housing market. I immediately thought of Jake, since he has been immersed in the downtown scene as a business owner, and also a resident, and definitely has his finger on the pulse! After completing two home purchases over the course of 4 months, having spent the previous 2-3 months searching for just the right properties, I can honestly say that Jake went above and beyond my expectations as a real estate professional! The process of searching for, making offers on, and navigating the contract process can be a roller coaster, to say the least, and Jake's calm and confident demeanor, and his knowledge of the market really helped us to maintain our sanity through some stressful times! And since we travel and work a lot, there were a couple of occasions when Jake acted as a stand-in when we weren't able to be present for an inspection or a repair. I have already referred a good friend that was interested in buying a property downtown to Jake, and she is really enjoying working with him, as well. After our first house closed, celebrating over Mexican food and margaritas, Jake told us that "cheesy as it may sound", he loves helping people reach their goals, and seeing them happy is really gratifying for him :) That absolutely comes through in his work! We are definitely happy, and ready to celebrate that second closing when you are, Jake!"