Updated HOA and Escrow Section
Objective
This SOP outlines the steps for managing homeowners' association (HOA) dues and escrow accounts, including proration options and manual adjustments.
Key Steps
1. Accessing the HOA Section 0:19
Navigate to the properties section in the system.
Select any existing property to view its details.
2. Setting HOA Dues Proration 0:34
Locate the HOA section within the property details.
If the HOA frequency is monthly, choose the option to prorate the current period by default.
If applicable, select the number of additional months to collect at closing (1, 2, or 3 months).
3. Choosing No Proration 1:06
If you do not wish to prorate the current month, select the 'no proration' option.
4. Managing Annual HOA Dues 1:15
For properties with annual HOA dues, decide whether to present proration for the remainder of the year or select no proration.
5. Reviewing Escrow Account Details 1:40
Check the escrow section for any updates or changes.
In cases of complex escrow scenarios (e.g., counties or cities with different payment periods), ensure payment details are clearly broken out.
6. Manual Escrow Adjustments 2:34
If manual adjustments are needed, switch from auto to manual mode in the escrow section.
Determine how many months of taxes to create manually and add prorations as necessary.
7. Final Review and Confirmation 3:08
Double-check all entries for accuracy.
Ensure that all proration and escrow details are correctly set before finalizing.
Cautionary Notes
Always verify the HOA and escrow details to avoid discrepancies.
Be cautious when selecting manual adjustments; ensure you understand the implications of changes made.
Tips for Efficiency
Familiarize yourself with the system interface to navigate quickly.
Keep a checklist of common HOA and escrow scenarios to streamline the process.
Regularly update your knowledge on HOA policies and local tax regulations.