ASSOCIATION and RESIDENT RESPONSIBILITIES
At the moment you signed the contract on your home, you became a member of a mandatory homeowners association (HOA), governed by a set of legal documents. Your association, an entity incorporated with State of Georgia, files an annual tax return with the IRS. You should have received a copy of your community’s Declaration of Covenants at your closing. Each community is unique and each has its individual Covenants specific to its needs.
Resident Responsibilities
Residents, in turn have obligations to the HOA. Homeowners are required to pay an assessment determined by the Board. Generally, this assessment is paid annually, your prompt payment of your Association Assessment fees is extremely important as the majority of the associations’ expenses occur early in the year. Late fees are assessed and legal action is taken in accordance with your Covenants. Residents who are past due may not utilize voting rights until their account is paid in full. Whereas, these restrictions may seem harsh, they are for the benefit of the community as a whole. Additionally, homeowners are required to adhere to the architectural control restrictions set forth in the Covenants and to any guidelines adopted by the Board.
Association Responsibilities
The homeowners association has several obligations to its members. They include the following: Collect the assessments in a timely manner and pay all association bills, enforce the Covenants equally among all residents, maintain the common property owned by the association, including entrances and recreation areas, pay property taxes and maintain insurance policies, maintain written records for the association, and operate according to the by-laws recorded with the state. Through its operation, the association’s primary goal is to maintain your property values. The Board of Directors has a fiduciary responsibility to the community to make this all successful.