HOA RULE CHANGES
Rule Change - Capital Contribution
Upon the sale, exchange or other transfer of a lot, there shall be a Disclosure Fee of Four Hundred Dollars ($400.00) paid to the Association as set by the Board of Directors to compensate the Association for expenses incurred in amending its records and providing the Disclosure Documents to meet state requirements with respect to lot ownership. (Revised 06/15/2020)
In addition, a Capital Contribution Fee equal to the Annual HOA Fee will be paid to the Association.
These funds will be dispersed between Project, Reserve and other funds as determined annually by the Board of Directors during the budget process. This fee is not negotiable nor is it waivable. In the event that the above-described fee is not paid within Thirty (30) days, a penalty in the amount of Three Hundred Dollars ($300.00) will be levied.
If a current homeowner is upgrading to a different unit, the fee will be waived provided the previous property is sold within six (6) months.
If a transfer of property is to immediate next of kin, only the Disclosure Fee of Four Hundred Dollars ($400.00) will be levied. Next of kin is defined as Mother, Father, or Children. No other exceptions are allowed.