Homeowners associations (HOA) set and uphold rules in order to maintain and enhance property value in housing communities—and come with dues you have to pay.
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The financial health of the HOA is critical, so be sure to ask for a copy of its financial statement. This can give you an idea of how well the HOA is managing its funds, how often dues are raised and by how much, and whether you might be faced with a special assessment in the ...
Penalties for non-payment: Depending on the penalties allowed by their state’s law, residents who fall behind on their HOA dues may face a variety of consequences – anything from warnings, fines, revoked access to community facilities, a lien being put on your house by the HOA, or even ...
And when it comes to condominium associations going to bat in the courtroom, payment for the legal fees comes from the association’s dues, leaving less for what that money was originally intended. “It’s in an association’s best interest to try mediation first,” says Van Loon. ...
When we hired Silvercreek a couple of years ago, several of our homeowners were way behind in paying their dues. They were successful in collecting the dues so we have been able to make necessary improvements. Thank you to Silvercreek for managing our property with care and concern. Pamela...
For Homeowner Associations our certified community managers lead a team of 40 to complete physical, administrative and fiscal services for each of our homeowner communities. From the daily tasks of snow removal, landscaping, property care and bill payment to dues collection, budget development, project...
The Villages Golf and Country Club/Association Dues and Services At The Villages, you automatically become a member of The Villages Golf and Country Club and either The Villages Association or The Homeowners’ Corporation when you purchase a condominium or single-family home. For one reasonable mont...
to consider; we’re typically dealing with seven-year terms, or possibly 10 years. We calculate for an association what the debt service is going to look like; what they need to do is look at the budget to determine what they’ll need to raise in dues to cover that new debt service....
I do recommend paying for professional guidance with the HOA documents. If you are going to review them alone, do make sure that you check out the reserve account and the rest of the disclosures to better protect yourself against raises in dues or “special assessments” later. If you are ...