At closing, even when refinancing, the account on the property must be brought current. This means all amounts due for that calendar year as well as past due amounts must be paid in full and collected at closing.
If the account is already paid in full for that calendar year and it is not a refinance, the Buyer should pay the Seller the prorated amount shown on the paperwork received from The Jonathan Association. If you do not have this amount, please call 952-448-4700.
Example 1: If the property closes June 21, 2004, the 2004 Dues is $207, the Seller already paid the full amount due so the Buyer would owe the Seller a refund of $109.45 at closing.
Example 2: If the property closes January 19, 2004, the 2004 Dues is $207, the Seller owes $10.78 and the Buyer owes $196.22 to be collected at closing.
Example 3: The Owner is refinancing, closing on January 19, 2004. It is unlikely the owner has paid any dues for 2004 so the full amount for 2004, $207, must be collected at closing. Be sure to send a Balance Due request form, even on a refinance.
If this is a new property the amount due is based on the calendar year it is closing in, and is prorated from the date of closing through the end of that calendar year.
Example 4: If the property closes on June 21, 2004, the 2004 Dues is $207, the prorated amount the Buyer owes is $109.45 to be collected at closing.
All payments to Jonathan are -
made payable to:
The Jonathan Association
mailed to:
The Jonathan Association
111000 Bavaria Road
Chaska, MN 55318
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