HOA/COA Move in fee or Security Deposit. Opinion Poll
Hi all,
I live in South Florida where Home Owners Associations and Condo Owners Associations are dominant. I'm trying to get an unbiased opinion on Association Move In Fees (Non-Refundable) vs. Security Deposits (Refundable).
I have a community I have recently purchased in that wants to charge the tenants a $350 Move In/Move Out fee. It seems that some Property Management companies are going this way to reduce paperwork of sending an itemized deduction list for security deposits.
The problem I have is as a Landlord when I go to court I have to present an itemized list, documentation I followed the statutes and the judge usually reduces the amount to what is fair. The court just awards an actual cost as you are out $10 the award is $10.
The HOA and COA's aren't regulated with the Move In/Out Fee and don't charge an actual cost amount. The one CAM property manager I spoke with said the fee is for the maintenance staff to put out traffic cones for the moving truck parking, and to offset wear and tear on the asphalt from the truck. I will assume part is to cover the administrative cost of adding/changing tenants names in the access systems.
Then the catch, the CAM property manager said they are using part of the fee for reserves for the parking lot.
The questions:
I'm trying to get an unbiased opinion on Association Move In Fees (Non-Refundable) vs. Security Deposits (Refundable)?
If I as a landlord charge a Fair security deposit and have to itemize and return the remaining funds to the tenant, Why can a HOA or COA charge an Unregulated fee amount and Not have to itemize actual expenses and return the remaining funds?
Should an HOA or COA be allowed to use a Move In/Out fee to fund reserves?
If the association also charges an Application Fee to the tenant to cover the credit and criminal background check, and administrative expenses does $350 sound excessive for maintenance people putting out traffic cones and any wear and tear the moving truck may cause?
Your opinion matters as I can't determine if my view is biased until the majority of society voices their view.