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Transfer
Fee & Credit
Transfer Fee. Effective
June 1, 2006, as per Reston Deed Section V.12(b),
each purchaser of a Lot shall pay to the Association
at the time of settlement a “Transfer Fee” initially
in the amount of two
hundred-fifty dollars ($250.00). Funds from
these fees, at the discretion of the Board of Directors,
shall be used for any expenditure incurred by the
Association.
Transfer Fee Credit. Within
twelve months (12) months of the date of settlement
on a Lot, a purchaser may request, by completing
the Application. Application
for Transfer Fee Credit, a credit in the amount
of that year’s Transfer Fee, which shall
be applied against the next fiscal year’s
Annual Assessment rate if, the purchaser can
show written proof that at the time of purchase
he:
a. owned,
occupied another Lot and was a Member of the Reston Association;
b. sold
such other Lot in order to purchase the purchased Lot;
c. now
owns and occupies the purchased Lot; and
d. does
not own any other Lot in Reston. Such credit is not available to individuals
who lease any Lot, including any purchased Lot.
Proof shall include either
a HUD 1 from the sale /purchase of a Lot; or a certified
copy of the deed of the Lot sold and/or purchased.
Purchasers are to send
their completed Application for Transfer Fee Credit
to the following address:
Reston
Association
Transfer
Fee Credit Request
1930
Isaac Newton Square
Reston,
Virginia 20190-5093
Any
Transfer Fee Credit Request
received after twelve (12) months of the
date of settlement shall not be considered
and shall not be eligible for credit
against the next fiscal year’s
Annual Assessment rate.
For more information
contact
Reston Association’s
Chief
Financial Officer, David Hopkins, at DHopkins@reston.org.
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