TomJ (Arizona)
Posts: 42
Posts: 42
Posted:
For all HOAs that charge a late fee for late assessment payments, who(or whom I can never get that correct) gets this fee, Management Company or HOA?
Our builder gave ours to the Management Company and the Management Company said that was normal. I contaced other HOAs and an attorney and found out it was not so we changed it.
Also how should money that the homeowner pays get back into the HOA funds. For example, we have a fund for CC&R compliance. In that fund they are funds for attorney fees. When a homeowner has to pay attorney fees because of a legal problem such as forclosure, where should the homeowner fees for attorney go? We went around and around about the funds for gate remotes and never got a satisfactory answer. We purchase gate remotes to sell to homeowners at a profit then I have never found where the money the homeowner pays goes but every year we have a budget item for gate remotes.
I have asked our Management Company and they are using smoke and mirrors to explain the procedure. But all audits have been OK but so was Enron's.
Our builder gave ours to the Management Company and the Management Company said that was normal. I contaced other HOAs and an attorney and found out it was not so we changed it.
Also how should money that the homeowner pays get back into the HOA funds. For example, we have a fund for CC&R compliance. In that fund they are funds for attorney fees. When a homeowner has to pay attorney fees because of a legal problem such as forclosure, where should the homeowner fees for attorney go? We went around and around about the funds for gate remotes and never got a satisfactory answer. We purchase gate remotes to sell to homeowners at a profit then I have never found where the money the homeowner pays goes but every year we have a budget item for gate remotes.
I have asked our Management Company and they are using smoke and mirrors to explain the procedure. But all audits have been OK but so was Enron's.