In October 2021, the Sudden Valley Community Association’s (SVCA) Board of Directors voted to approve a change to the current structure of the transfer fee charged to the buyer of the sale of real property sold within the Association. The transfer fee was last revised in 2016. At that time, it was revised to be comprised of the following two elements: (1) a base fee of $125, and (2) ¼ of 1% of the sales price of the real property. In October, the second element of this transfer fee (¼ of 1% of the sales price of the real property) was discontinued by the SVCA Board of Directors for all real property transactions that close on or after January 1, 2022, and the amended transfer fee will now exclusively be a base fee of $125.

There was some lively debate within the community regarding the Board’s decision on this matter. As a result, I felt that some additional context could help provide the membership better insight into this decision. The Association’s attorney has written a memo that I would like to share with the membership to help everyone better understand the circumstances of the decision. Please see the attached memo from Richard Davis, dated Jan. 4, 2022 regarding the transfer fee.

The Board also made the decision to develop a program that would provide refunds to individuals that paid the 1/4 of 1% portion of the fee. The details of this refund program are still being developed in conjunction with the General Manager, Accounting Manager, and the Association’s attorney. Additional details will be shared as they become available, and we appreciate your patience while we continue to develop and implement the refund program.

AJ Tischleder, SVCA Board President