CHULA VISTA, CA – Selling a home in certain EastLake III communities requires homeowners to pay a transfer fee to the EastLake Educational Foundation (EEF). This fee is outlined in the community’s Covenants, Conditions, and Restrictions (CC&Rs) and supports local award-winning, high-achieving schools through technology and educational programs.
Key Points About the Transfer Fee
- Amount: The transfer fee is 0.1% of the home’s final sale price. For example, a $700,000 sale would include a $700 fee.
- Payment: The fee is typically deducted from the seller’s proceeds during the closing process.
- Disclosure: Sellers agree to the fee when they sign the CC&Rs upon purchasing the home. REALTORS® should ensure sellers are reminded of this requirement early in the transaction process.
Where Does the Fee Apply?
The transfer fee is required for homes that are part of the EastLake III Community Association. The neighborhoods subject to this fee include:- EastLake Woods: Known for spacious homes and nearby parks.
- EastLake Vistas: Offers family-oriented living with community amenities.
- EastLake Trails: Features a variety of single-family homes with access to community pools and trails.
- Summit at EastLake: A gated community of condominiums and townhomes.
Why the Fee Exists
Established in 1995, the EastLake Educational Foundation uses funds collected through the transfer fee to enhance educational opportunities at local schools. The foundation provides technology resources such as iPads, e-books, and classroom equipment that benefit students in the community.
What REALTORS® Should Do
To ensure smooth transactions and prevent surprises at closing, REALTORS® should:
- Verify the Requirement: Confirm the transfer fee applies by checking if the home is part of the EastLake III Community Association.
- Educate Sellers Early: Discuss the fee at the start of the listing process.
- Provide Resources: Share official documents and direct clients to the HOA and EEF for accurate information.
- Prepare Buyers: Inform buyers how the fee supports local education and community amenities.
- EastLake III HOA & CC&Rs: Contact Walters Management for official documents. Walters Management
- EastLake Educational Foundation: Learn more about how the funds support local schools. EEF Website
- EEF FAQ Handout: Is attached for additional details.