December 2015
HOA Q&A: Late fees
The HOA has always charged late fees; they are required by your covenants and restrictions. They also have been charged before Colby Property Management assumed the management of the
HOA. We want everybody to have a clear explanation as to what the late fees are, so here is a brief rundown of when late fees are charged, and how much they are.
HOA MEMBERS
Owners residing in the Hills of Westwood HOA are 'full members' of the HOA. The $180 Annual Assessment is due and payable on January 1, and is considered
late
if not paid on or before January 31. On the first day of each subsequent month, delinquent accounts are charged a late fee of $25, along with an interest charge on the balance due. The interest rate used is 7%.
POOL MEMBERS
Owners residing in the Westwood HOA that have paid for a pool membership are 'pool members' of the HOA. The $108 Annual Pool Assessment is due and payable on January 1, and is considered
late
if not paid on or before January 31. On the first day of each subsequent month, delinquent accounts are charged a late fee of $10, along with an interest charge on the balance due. The interest rate used is 7%.
ACH PAYMENT PLANS
Members who complete an ACH form (for automatic payment withdrawals) for quarterly or semi-annual payments are not considered delinquent. No late fees or interest is charged so long as payments are able to be received by the HOA.
