Frequently Asked Questions
How do you calculate the special assessment payoff based on the balances provided on the real estate inquiry form?
The real estate inquiry form will show the principal balance of the assessment and then an interest per month amount. Interest is assessed as of the 1st of each month, so take the month of payment and multiply it by the interest per month amount to determine total interest due.
Example: Street Improvement $550.00 Interest per Month $1.50
Storm Improvement $1,000.00 Interest per Month $3.00
Closing/Payoff is scheduled for October 15th.
Payoff: $550.00 + ($1.50*10) = $565.00 for Street if paid in October
$1,000.00 + ($3.00 *10) = $1,030.00 for Storm if paid in October