What is a management Company, what do they do, and how can i reach them?
A management company is contracted by the Board of Directors to provide such services as: Collection of assessments, supervision of subcontractors, obtaining bids for subcontracted services, providing financial statements and collection reports, as well as a general clearing house for problem solving, communications with homeowners and the Board of Directors and to serve in an advisory capacity. The management company reports directly to the Board and all decisions are made by a majority vote of the Board of Directors. The management company for Kendall Yards is Rockwood Property Management (Contact Us).
What is a Homeowner's Association?
It is a non-profit corporation registered with the State and managed by a duly elected Board of Directors. Its purpose is to maintain all common areas and to govern the community in accordance with the provision of the legal documents: CC&R's, Bylaws, and Articles of Incorporation. The governing legal documents for the association may be viewed online within the Resource Center page of this site. The corporation is financially supported by all members of the homeowners association. Membership is both automatic and mandatory.
What are CC&R's?
The Covenants, Conditions and Restrictions (CC&R's) are the governing legal documents that set up the guidelines for the operation of the planned community as a non-profit corporation. The CC&R's were recorded by the County recorder's office of the County in which the property is located and are included in the title to your property. Failure to abide by the CC&R's may result in a fine to a homeowner by the Association. The governing legal documents for the association may be viewed online within the Association Docs section of this site.
What are the bylaws?
The Bylaws are the guidelines for the operation of the non-profit corporation. The Bylaws define the duties of the various offices of the Board of Directors, the terms of the Directors, the membership's voting rights, required meetings and notices of meetings, and the principal office of the Association, as well as other specific items that are necessary to run the Association as a business. The Bylaws for the association may be viewed online within the Association Docs section of this site.
What is the board of directors?
The Homeowner's Association is a corporation and therefore a governing body that is required to oversee its business. The Board of Directors is elected by the homeowners, or as otherwise specified in the bylaws. The limitation and restrictions of the powers of the Board of Directors is outlined in the Association governing documents found within the Association Docs section of this site.
IF I AM HAVING A PROBLEM WITH A NEIGHBOR FOR A VIOLATION OF THE POLICIES AND GUIDELINES WHAT CAN I DO?
If residents cannot resolve a situation between themselves, then turn to your Association. Should you have a situation that does not appear to be resolved through neighborly means, and you are willing to actively participate in the enforcement provided by the Policies and Guidelines, you may complete a Covenant Violation form online. The Violation form may be found within the contact us section of this site. If the situation is deemed in violation of the Policies and Guidelines, the Board of Directors will institute the enforcement policy. Your continued assistance may be required.
ARE BOARD MEETINGS OPEN TO ALL RESIDENTS? IF SO WHERE AND WHEN ARE THEY HELD?
Yes. Notice of the time and place of any regular board meeting will be mailed to you no less than 2 weeks prior to the meeting and no more than 45 days before the scheduled meeting. The meetings are usually held in June.
What is my assessment?
The assessment is the periodic amount due from each homeowner to cover the operating expenses of the common area, hazard insurance, and provide for reserve funds for replacement of common facilities in future years. Your assessments are due 60 days after receipt. Statements will be sent for past due assessments as a reminder of the amount due.
How is my assessment determined?
The Department of Real Estate typically requires an initial budget from the developer for each community that a developer proposes to build. This budget is set upon specific guidelines for utilities, landscaping, administration, etc. Reserve funds are monies set aside for future expenses due to the life expectancy of certain items: lighting, street resurfacing, fencing, etc. These amounts are then divided by the number of units built in a given phase of the development. Subsequent budgets are developed by the Board of Directors and adjusted periodically to meet anticipated expenses.
What happens if i don't pay my assessment?
The maintenance and management services incurred by the Association are dependent upon timely receipt of the assessments due from each homeowner. If payments are late you will incur a $25 per month late fee plus interest (18% annual). The CCR's allows the Association to charge late charges and interest and proceed with a lien on your property, or foreclosure proceeding for nonpayment of assessments.