|
Buyer/Realtor/Seller Information
|
|
|
| |
Heritage Place Condominiums
Heritage Place is organized as a Kentucky not-for-profit condominium association. Owners own their own individual unit and a percentage share of the common elements and property.
There is one basic unit type within the development and maintenance fees for 2019 are $390 per unit per month. Maintenance Fees include the following services:
- Landscaping mowing and Landscaping trimming*
- *Some landscaping areas are designated for owner plantings (prior approval required). Owner plantings are owner maintenance responsibility
- Exterior Maintenance of buildings, streets, grounds and other common elements
- Professional Management and Accounting
- Street Lights
- Common Area Liability Insurance and Property insurance for all structures**
- **Owner is responsible for insuring the interior of the unit and personal property
- Reserve Replacement Fund for Roof Replacements, Streets, and other Common Elements of the condominium
Selling a unit at Heritage Place
In accordance with the Kentucky Condominium Act (KRS 381.9203), each seller must order from the association a "Sellers Disclosure Certificate" when a contract is signed. This certificate contains all the information that needs to be disclosed to a buyer by the seller including dues, special assessments, lawsuits, financial statements, budgets, Rules and Regulation and all of the Governing Documents. Providing a certificate to the Buyer protects the Association, the seller, and the seller's Realtor for "failure to disclose association financial conditions" or "undisclosed restrictions" at the time of sale.
The cost for preparing this Certificate, as established in the law, is 80% of one month's association dues uo to a maximum of $225. In the case of Heritage Place the fee is $225.00.The certificate and all of the required documents can be ordered at www.homewisedocs.com.
To avoid hidden expenses at closing Buyers need to obtain the following items:
Association Rules Binder dated 2016.
Parking passes
Back Gate Remotes (two per unit - Replacement cost is $50 each)
Realtors and Buyers can access and download all of the Heritage Place Governing Documents on this website under the Governing Documents heading on the left side of the home page.
|
|
