Port Antigua Homeowners' Association

Assessments & Delinquencies

Our Annual Assessments are the primary source of funds necessary and adequate to pay the expenses for the HOA’s Fiscal Year (the 12-month period for accounting and budgeting purposes).  The HOA’s Fiscal Year is the Calendar Year.  Article 6 of Port Antigua’s Declarations contain the details about assessments and the HOA’s rights regarding delinquencies.  Information about assessments and the billing, collection, and delinquency procedures follow.

BILLNG THE ANNUAL ASSESSMENT

  1. The Annual Budget, including the Annual Assessment amount, will be prepared at least 45 days before the start of the Fiscal Year.
  2. The Proposed Budget for the upcoming year will be sent to all owners, along with the date and time of the meeting that the budget will be Approved.
  3. The Approved Budget, along with the bill for the Annual Assessment will be sent to all owners. Annual Assessments shall be payable yearly in advance.  The bill for the Annual Assessment will always show the Due Date.  Unless otherwise decided, the Due Date will be January 1 of the year being billed.

 

COLLECTING THE ANNUAL ASSESSMENT – TIMING AND DELINQUENCY

A. OUTSTANDING BALANCE NOT RECEIVED WITHIN 30 DAYS OF THE DUE DATE

  1. A Late Notice Letter will be sent for any account that remains unpaid 30 days after the due date. The notice will include a $25.00 late fee and accrued interest on the outstanding maintenance balance. These charges will be itemized separately and are assessed in accordance with the Association’s governing documents and applicable state statutes.
  2. The late fee and interest charges will also be posted to the owner’s account ledger.
  3. The Late Notice Letter will further advise that if payment is not received within 30 days of the date of the notice, the account may be referred to a collection agency or legal counsel for further collection action.

B. OUTSTANDING BALANCE NOT RECEIVED WITHIN 31 DAYS OF THE DATE OF THE LATE NOTICE

  1. If the total unpaid balance exceeds the minimum threshold accepted by the Collection Agency, the account will be referred for collection. In accordance with the Management Company contract, a $200 administrative fee will be added to the owner’s account to cover the costs associated with providing information and support to the Collection Agency or Attorney.
  2. Once the account has been referred for collection, the owner may be subject to additional fees and costs imposed by the Collection Agency or Attorney. At that point, the owner will no longer be able to work directly with the Management Company or the Board regarding the delinquent account.
    1. Once the account has been referred to the Collection Agency, the Collection Agency will send a Notice of Intent to Lien to the owner. Additional collection-related fees may also be assessed at that time.
    2. All subsequent communications regarding the account must be directed through the Collection Agency or Attorney.
    3. All payments must be made directly to the Collection Agency or Attorney until the outstanding balance has been paid in full and the account has been released.
  3. In accordance with the Association’s standard accounting practices, all payments received will be applied to the oldest outstanding charges first, regardless of any payment instructions or designations provided by the owner.