Palmetto Dunes POARobert W. Sharp AMS, CMCA, General Manager843-785-1109 ext. 1001 - office
843- 338-9523 cell
843-785-2310 - faxTO: All REALTORS
FROM: Robert W. Sharp
DATE: December 1, 2006
RE: Community Enhancement Fee
Please be advised that the Palmetto Dunes Property Owners Association (PDPOA) at their annual meeting on October 14, 2006, voted upon and passed an amendment to the Covenants and Restrictions to adopt a Community Enhancement Fee (CEF). The amendment to the Residential Covenants is recorded in deed book 2463 on page 1637 and the amendment to the Multi Family Covenants is recorded in deed book 2463 on page 1631. This fee will become effective on January 1, 2007.
The CEF amendment will allow the PDPOA to collect from the purchaser a fee of up to ½ of 1% (.005) of the sale price of any property within Palmetto Dunes. Please note this does not include Leamington or Shelter Cove.
The Board has initially set this fee at 1/4 of 1% (.0025) of the sales price for calendar year 2007. This fee must be collected at the closing of the property. If the CEF is not paid at the closing of the sale of a Palmetto Dunes home, lot or condominium, the uncollected fee will become a lien against the property and could eventually be collected through legal action. It should be on the closing statement as a charge to the buyer. The fee and a copy of the closing statement should then be forwarded to PDPOA at our address.
The new fee is applicable to all property transfers that close on or after January 1, 2007. If you have any questions, please contact Robert W. Sharp.
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