Day 8: So, I just got a request from my Association about a payment I made at settlement- like two years later. Why?
Sometimes at settlement when the payment is made, it is sent as a check from the title company to the management company to correlate with your account. What is supposed to happen is that the management company accounts and records the funds to your balance and it gets closed out.
So what happens here, and it is not uncommon, the management company doesn’t record it properly! Sheesh! It happens more often than you can you think. Just ask your realtor, and we can pull the settlement statement and have the title company pull the details of there and when it was paid.
Note that your Realtor only has to keep your files for compliance for 3 years and financial records for five, so, if it has been longer than that, just make sure to ask the Title company you closed with. Fun stuff!