Residents in McKinney’s Craig Ranch Community Association are taking exception to an additional fee charged when they sell their home, and one realtor said it...
While the enhancement fee is discussed in documents signed by homeowners, many say they are still unaware of the fee and complain that it is unfair as home values in the neighborhood, which includes about 1,363 acres of residential space, continue to rise.
In a recent post on the Nextdoor app, long-time Craig Ranch resident Dean Woodard wrote about the fee, “Craig Ranch HOA Charges for selling your home.”“They have the power,” he said in the post that garnered 19,300 views and hundreds of comments.
Last year, the majority of CRCA enhancement funds came from sales of commercial and multifamily closings, Palmer said. “It’s a sleeper of a rule that people don’t really understand,” Woodard said. “When you go to closing, like when I bought my house here, you get these documents the day you’re closing so you have really no opportunity to read these documents in advance. All they tell you is, ‘These are standard HOA documents, it’s nothing to worry about,’ so you sign for it because they tell you it’s standard language; it’s OK.
“To me, it’s the lack of transparency with this,” Woodard said. “It’s on the document, but it’s not talked about.”According to Craig Ranch’s governing documents, the Community Enhancement Fee — which applies to all residential, commercial, office, and multifamily asset classes — is placed in a separate account and used to provide “funding for activities and such other purposes as the Board deems beneficial to the general good and welfare of Craig Ranch.
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