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What is Mello-Roos?

Is there Mello-Roos?  is the familiar cry heard in many communities around California from buyers shopping for homes. So what is Mello Roos?

The Mello-Roos Community Facilities Act was created in 1982 to provide a means of funding community infrastructure such as sewer systems, streets, landscaping, fire and police protection, libraries, parks, schools, etc. Mello Roos bonds remain in place and are paid along with property taxes for as long as it takes to pay the bond off, oftentimes for upwards of 20 years. When a property changes hands, the obligation to continue paying this bond is passed to the new buyer. It is the responsibility of the seller to disclose any knowledge of this bond to the buyer.

To find out if a property has Mello Roos assessments, check out this post.

To search for homes in the area, click here.

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This entry was posted on Thursday, October 1st, 2009 at 9:04 pm and is filed under Buying a Home, Selling a Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

1. How do I check for Mello Roos assessments for Lincoln CA Homes for sale. | Auburn CA Homes for Sale and free foreclosure listings said at October 1st, 2009 at 9:33 pm

   [...] new homes in the Lincoln area, as well as Rocklin & Roseville, carry Mello Roos assessments which can add upwards of $300 to your monthly payment. So how do you really know if [...]

2. Attention First Time Homebuyers & Investors – Auburn CA Area Homes for Sale | Auburn CA Homes for Sale - Short Sale Specialist said at October 4th, 2009 at 12:01 pm

   [...] bar & double sink. Washer/dryer stay, as does the refrigerator! Very low HOA dues, and NO MELLO ROOS! Everything is within 5 minutes: airport, Gold’s Gym, downtown Lincoln, Home Depot, Target [...]

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