Prior to January 1, 2014, home buyers would put down a "refundable Reserve Fee" that was equal to a year's dues, and would be returned to them when they sold the house.
After January 1, 2014, this "Reserve Fee" is now no longer refundable. Thus a buyer loses this money entirely. This becomes and additional cost for purchasing the house, and buyers do pay attention to that.
For buyers purchasing a so-called "double lot" (which is in dispute) this Reserve Fee is twice as much: over $1,200 in non-refundable fees. This is ridiculous.
No explanation for this "Reserve Fee" is given. As of 12/31/2015, the WEHOA had $139,064.12 in "Reserve Accounts" which was documented by law in a Resale Certificate in October 2016. One might note that in the Treasurer's Report at Annual Meetings, the budget is reported, but the balance in accounts is not. It is unacceptable that the cash balance in each account is not reported annually to the members.
Also, please be aware that the Seller(s) is to advise Buyer(s) there is a Reserve Fund Fee due to be paid at Settlement. The Reserve Fee is twelve months of current dues. The Reserve Fee is non-refundable to all owners purchasing Woods Edge Townhomes after January 1, 2014.
From discussions with Community Associations Institute, Pennsylvania/Delaware Valley Chapter, there is no such thing as a "Reserve Fee" in Pennsylvania. HOAs in Pennsylvania may charge an Initiation or Membership Fee. Our HOA needs to get clear about Pennsylvania laws and properly follow them.