Definition
The legal process of transferring HOA ownership records from seller to buyer at closing. Verify this is completed so you don't face unexpected assessment issues.
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HOA transfer includes updating member records, notifying association of ownership change, and establishing buyer's obligation for assessments. Transfer must occur at closing. Failure to transfer creates ownership confusion.
Pro Tip
Confirm HOA transfer is completed at closing. Follow up if not done to prevent assessment problems later.
Example
At closing, HOA membership transfers from seller to buyer; buyer responsible for fees and assessments from closing date