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Originally Posted by rsimpson
New Owner in March. I just received a notice about Annaul Maintenanc Assessment and increase to same fro the CDD. I don't recal this on any disclosures during the purchase process. Did I overlook this entirely? Is this the "Bond" payment they referenced? Do these $400-500 annual charges continue the rest of our lives??
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The maintenance assessment is fully disclosed in your Purchase Agreement Contract. It was the very last last page of my contract. It is in Section 10 of the "Payment, Utility and Settlement Information" section of the contract. There it outlines the Estimated CDD Maintenance Assessment and gives you the period this assessment covers (October 1 to September 30) ANNUALLY as well as your CDD Debt Assessment (Bond payment) for the current year and the following year and then your total CDD fees (Assessment plus Bond)for the current year and the following year. Yes, the bond is amortized over 30 years and the interest rate is also disclosed in your contract and this can be paid off just like a mortgage. The Maintenance Assessment is annually and forever.