If you live in a mandatory homeowner association you probably pay annual dues, also called annual assessments. These dues help pay for such things as; maintenance of the common facilities, and professional services (including accountants, attorneys, and management companies). It is also prudent for an association to establish a reserve account to be used for large future expenditures, such as resurfacing the pool. The provisions for paying annual dues are contained in the Declaration of Covenants for your association. The Declaration of Covenants is filed on the deed records in your county's Superior Court. You automatically agreed to the terms of these covenants by purchasing your home.
The amount of the annual dues or "assessment" is determined each year by the Board of the Association. To protect the interests of both the homeowners and their lenders, the covenants often establish a maximum assessment based on the anticipated costs for maintaining the community. Usually, this maximum cannot be exceeded without a vote from the membership, but some covenants allow the Board to increase this amount each year by a specific percentage, or in step with the Consumer Price Index.
If a homeowner does not pay the dues, most covenants state that the association may charge a late fee and interest. In addition, a lien can be filed on the property called an "Assessment Lien." This lien may contain extra costs including recording fees, cancellation fees, and attorney fees. It is not necessary to institute suit in order to file the lien.
A Savannah Georgia Homeowners Association (HOA) lien refers to a legal claim placed on a property by the HOA when the homeowner fails to fulfill their financial obligations or breaches the association's rules and regulations. This lien is a tool used by the HOA to protect the community's interests and ensure its financial stability. When a homeowner purchases a property within an HOA community in Savannah, they agree to abide by certain rules and regulations and pay regular dues or fees to fund the association's operations and maintenance. These funds are typically used for various purposes, including landscaping, common area upkeep, security, and amenities maintenance. Failure to meet these financial responsibilities or abide by the community's rules can lead to the HOA taking action to enforce compliance. One such action is placing a lien on the homeowner's property. Once the lien is in place, it becomes a legal claim against the property until the outstanding dues, fees, or penalties are paid in full. There are different types of Savannah Georgia HOA liens, including: 1. Assessments Lien: This type of lien arises when a homeowner fails to pay their regular assessments or association fees. These fees are typically collected monthly, quarterly, or annually and contribute to the community's expenses. 2. Special Assessment Lien: In certain situations, an HOA may require additional funds for unexpected expenses or major community projects not covered in the regular assessments. The association may impose a special assessment on all homeowners, and failure to pay this can lead to a special assessment lien being placed on the property. 3. Fine Lien: When a homeowner violates the HOA's rules or regulations, the association may issue fines to enforce compliance. Failure to pay these fines can result in the imposition of a fine lien on the property. 4. Legal Costs Lien: If the HOA initiates legal action against a homeowner, such as filing a lawsuit or pursuing foreclosure due to non-payment, they may also include the costs of such legal action as part of the lien. It's important to note that Savannah Georgia Has must follow legal procedures and provide the homeowner with notice and an opportunity to resolve any outstanding financial obligations before placing a lien on their property. Homeowners should familiarize themselves with their HOA's governing documents to understand the specific rules and procedures related to liens.A Savannah Georgia Homeowners Association (HOA) lien refers to a legal claim placed on a property by the HOA when the homeowner fails to fulfill their financial obligations or breaches the association's rules and regulations. This lien is a tool used by the HOA to protect the community's interests and ensure its financial stability. When a homeowner purchases a property within an HOA community in Savannah, they agree to abide by certain rules and regulations and pay regular dues or fees to fund the association's operations and maintenance. These funds are typically used for various purposes, including landscaping, common area upkeep, security, and amenities maintenance. Failure to meet these financial responsibilities or abide by the community's rules can lead to the HOA taking action to enforce compliance. One such action is placing a lien on the homeowner's property. Once the lien is in place, it becomes a legal claim against the property until the outstanding dues, fees, or penalties are paid in full. There are different types of Savannah Georgia HOA liens, including: 1. Assessments Lien: This type of lien arises when a homeowner fails to pay their regular assessments or association fees. These fees are typically collected monthly, quarterly, or annually and contribute to the community's expenses. 2. Special Assessment Lien: In certain situations, an HOA may require additional funds for unexpected expenses or major community projects not covered in the regular assessments. The association may impose a special assessment on all homeowners, and failure to pay this can lead to a special assessment lien being placed on the property. 3. Fine Lien: When a homeowner violates the HOA's rules or regulations, the association may issue fines to enforce compliance. Failure to pay these fines can result in the imposition of a fine lien on the property. 4. Legal Costs Lien: If the HOA initiates legal action against a homeowner, such as filing a lawsuit or pursuing foreclosure due to non-payment, they may also include the costs of such legal action as part of the lien. It's important to note that Savannah Georgia Has must follow legal procedures and provide the homeowner with notice and an opportunity to resolve any outstanding financial obligations before placing a lien on their property. Homeowners should familiarize themselves with their HOA's governing documents to understand the specific rules and procedures related to liens.
