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Resale, Lender InformationGRF, Trust Facilities Fee Increased
The Golden Rain Foundation (“GRF”) increased the amount of its Trust Facilities (Transfer) Fee when it adopted Resolution 90-13-106 earlier this month. The Fee will be utilized to enhance and improve the recreational and other amenities available to all residents of Laguna Woods Village. Effective January 1, 2014, all purchases of a separate interest in Third Laguna Hills Mutual (condo), United Laguna Woods Mutual (cooperative) and Mutual Fifty (condo) must include collection of a Trust Facilities Fee in the amount of $2,500 per transaction as an obligation of the purchaser.
Signed purchase contracts and escrows opened prior to December 31, 2013 will be processed at the current Trust Facilities Fee of $1,500. All other resales will be impacted by the increased Fee amount.
The ability of GRF to collect the Fee was made possible by an amendment to California Civil Code §1368 (c)(2), overcoming the prohibition of transfer fees. The legislative change affirmed the authority of three GRF corporations including Walnut Creek, Seal Beach and Laguna Woods Village to collect a transfer fee. The Fee will be utilized to ensure continuation of those amenities that make Laguna Woods Village unique.
In accordance with California Civil Code §1368 (c)(2)(B)(iii), the Fee must either be paid in its entirety at the time of purchasing a separate interest or it may be paid via installment plan for a period of seven years (84 months). Payment of the Fee in a lump sum at the time of purchase is the most cost effective approach, since the installment plan option entails interest and handling fees. The handling fees are estimated at approximately $252 over the course of the seven year installment plan plus interest at 2% per annum.
Attached please find a copy of Resolution 90-13-106. The Trust Facilities Fee document to be signed by the purchaser(s) must accompany each Membership package when it is submitted to the Board of Directors. The revised Fee document will be forwarded to you and posted on the Laguna Woods Village website in the near future.
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