Friday, January 27, 2017

What is a Front Load Fee ?

If your going to sell your home in 2017, be aware of  the term "Front Load Fee".

What is the "Front Load Fee?
This is an assesstment made by the county usually for water or  sewer lines or some other type of construction. Basically the charges that were implemented on the Developer in the construction of the water or sewer lines is then redistributed to the Homeowners to pay. Collected by the county or private firm usually the cost is broken down to monthly or yearly payments for a certain timespan ranging for 30yrs at avg $300-$400 per year.

Why is this info important?
As a seller you are required to disclose this info in the contract, if this fee is not paid a lien could be placed on the property as well as the potential of the buyer suing the seller for the debt of the Front Load Fee due to the information not being disclosed.

What would cause a seller to not to be aware of the Front Load Fee?
Due to the bill being distributed from a private firm, the bill sent to customer is very vague and limited in data. Due to this some new Homeowners or Trustees (next of kin) are not aware
of this bill that they are receiving.