Title Company Information
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Capital Assessment Fee
The District does not charge a capital assessment fees or capital deposit on any home sold within the Potomac Farms neighborhood.
STATUS LETTER
Through its management company, the District provides status letters to title companies. The purpose of the status letter is to provide buyers and sellers of homes within the Potomac Farms neighborhood with various District-specific information including (1) whether there are outstanding covenant violations and/or fines attached to the lot, (2) whether any outstanding litigation exists against the District and (3) the amount and nature of any fees, fines or reimbursement assessments (excluding property tax assessments) payable to the District. All status letter requests should be submitted online through www.homewisedocs.com.
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DEVELOPER 1% TRANSFER FEE - released/discharged
In 2009, a “Declaration of Covenant” was recorded with the Adams County Clerk and Recorder against homes in Potomac Filing No. 2. Based on this Declaration, a company named Covenant Clearinghouse, LLC was collecting a 1% Transfer Fee from some homeowners when they sold their homes. Covenant Clearinghouse, LLC has now filed a Release of this Declaration stating, “the real property identified in the Declaration… is hereby RELEASED, EXONERATED and DISCHARGED from all claims and obligations” in the Declaration. A copy of this Release is included here.
From here on out, this 1% Transfer Fee should not be collected by Covenant Clearinghouse, LLC or any other entity when homes are sold.
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CCH Release
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DISTRICT NEW ACCOUNT SETUP Fee
The District Board does not reimburse its management company for fees and other costs incurred by the management company related to ownership changes of Lots within the District. Consequently, the District Board has authorized its management company to charge a new account setup fee directly to all new home buyers within the Potomac Farms neighborhood.
The purpose of this fee is to cover the time and one-time costs incurred by the management company to setting up a new homeowner information file and account for the District and closing the former owner's files and accounts in accordance with the District's document retention policies. Please contact the District's management company for a current quote on the new account setup fee. The fee is payable directly to the District's management company.