Buying or Selling HK Property?
If you sell your home at any time during the year, you also need to obtain a paid HOA assessment letter, verifying that your dues have been paid in full and that there are no violations against the Association Covenants on your property. In addition, the HOA is required to provide other disclosures to meet various state and federal rules (aka 22.1 disclosures). This closing package can be obtained by contacting the HOA Treasurer, prior to closing. You cannot close on your property without this legal document.
Please be advised that there is a $25 charge for this letter and you should make a check out to Heritage Knolls HOA. The HOA also requires the closing date, buyer’s names, phone numbers and emails, and a copy of the sales contract before we will send the closing package. At settlement, the annual dues are then pro-rated between the current and future homeowners. Please allow at least a one month notice for the Treasurer to prepare this letter. If you ask for the letter 7 working days or less prior to closing, your fee will be $100 and you run the risk of having to move your closing date because the treasurer may not be readily available. So don’t delay – ask early.
Contact HK HOA’s Treasurer at: Treasurer@heritageknolls.net.
In accordance with the Consumer Financial Protection Bureau (CFPB), Heritage Knolls Home Owners Association (HOA) is providing the following information to assist potential buyers, sellers, mortgage companies and their respective agents.
Heritage Knolls is a Planned Unit Development comprised of 188 free-standing homes and some common area surrounding its retention pond. Ownership of the common area requires the association to be a Mandatory Homeowner Association. Our commonly owned property includes a storm water retention pond, land surrounding the pond, signage and grounds maintenance equipment listed in the Capital Reserve Survey. The HOA is a self-managed Mandatory HOA and is registered as an Illinois Not-For-Profit Corporation.
CFPB Disclosures – Heritage Knolls Fees Summary:
- Annual dues are payable in one lump sum April 1st of every year. Annual dues primarily pay for maintenance of the common area, pond, supporting equipment, administration, insurance and several events for the children of residents in Heritage Knolls. Annual dues for 2022 are $137.
Estimated 2023 annual dues will be determined by the 2023 Board by February 2023. The State of Illinois Condo/HOA Act allows the Board to increase dues up to a maximum of 15% per year without approval of the homeowners. At this time the Board estimates 2023 annual dues could range from $138 to $158.
- Late Fees: Dues paid after April 1 will incur a $50 late charge. In addition the homeowner is responsible to pay for all collections, legal and court costs associated with collecting past due accounts.
Special Assessments: There are no special assessments planned for 2022, 2023 or 2024.
- Capital expenditures: Capital expenditures anticipated by the Association within the current or succeeding 2 fiscal years. No new capital improvements or additions are anticipated for 2022, 2023 or 2024. HK’s Capital Reserve is fully funded. The Board typically replaces existing capital items shortly after they have failed or have been damaged.
- Paid Assessment letter: Sellers or their agents are required to request at least 1 month prior to closing. To complete the request the HOA also requires a $25 check made Payable to Heritage Knolls HOA, buyer’s phone numbers and buyer’s emails before providing the seller a paid assessment letter and closing package. The closing package includes the Paid Assessment letter, HOA’s declarations, annual operating expense budget, capital reserve study, and disclosures required by the State of Illinois and the Consumer Financial Protection Bureau. Paid assessment letter requests received less than 7 days prior to due date will be charged a $100 rush fee.
- Refinancing Late fee: If you are refinancing, please forward a list of exactly what your mortgage company wants to our HK’s Treasurer at treasurer@heritageknolls.net. There is no fee for this letter if the Treasurer receives your request for all information at least 7 working days prior to closing. If your request is received 7 or less working days prior to closing or if the HOA has to redo the letter because the initial information request was incomplete, there will be a $100 charge.
Sellers, please be advised that you or your agent needs to contact Heritage Knolls HOA at least 1 month prior to closing. The CFPB rules in effect starting October 2015 for buying property require having the entire closing package at least 7 working days in advance of closing. The Buyer’s Mortgage Company or their agent may require this information even sooner. The Board strongly suggests that you request your paid assessment letter, provide a copy of the sales contract and send the $25 check when you sign your sales contract.
If you have any further questions, please contact the Heritage Knolls Treasurer and President:
Brian Gott John Trojanowski
516 Arlington Ave, Naperville IL 60565 2396 Bluemont Court, Naperville IL 60565
Treasurer@heritageknolls.net President@heritageknolls.net