Today when I was reviewing my closing disclosure from my lender I noticed a new fee labeled “HOA account set up fee” on the form. This is the first time I have seen something about an HOA in any of the paperwork (I read everything) including the disclosure forms. So I sent a note to my realtor asking if this property was part of an HOA and she says its not, then she checked with title who said “We just found out from the seller closer yesterday -there was one set up when the development was done but never activated so they are doing a affidavit of no active association for us.”
Should I be concerned? I am worried this HOA could be “activated” in the future. I also asked my realtor about this and I am waiting to hear from her. It’s not going to change my mind about moving forward with the house, but I was under the impression that the house wasn’t subject to any HOAs and I specifically sought out homes that were not part of any HOAs. I close on the house next Friday.