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Frequently Asked Question'sA: It is a non-profit corporation registered with the State of Texas 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. Q: What is the Board of Directors? A: The Homeowner's Association again is a corporation and therefore a governing body is required to oversee its business. The Board of Directors is elected by the homeowners. The limitation and restrictions of the powers of the Board of Directors is outlined in the Association governing documents. The Board of Directors are generally your neighbors. Q: What is a "management company" and what do they do? A: 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 advisor capacity. The management company reports directly to the Board and all decisions are made by a majority vote of the Board of Directors. Q: What is my assessment? A: The assessment is the annual amount due from each homeowner to cover the operating expenses of the common area and provide for reserve funds for replacement of common facilities in future years. Your assessments are due on the first of the year. Statements will be sent in November of each year for the annual assessment. Q: How is the amount of my assessment determined? A: The Board of Directors annual develop the budget for the community. This budget is developed with specific guidelines and projections 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, pool equipment, etc. These amounts are then divided by the number of units build in a given phase of development. Q: Will my assessment go up? A: There is no concrete answer to this. Most deed restrictions (CC&R’s) provide for annual increases, but can not exceed a specific percent per year without the vote of the membership. The Board of Directors may approve an increased budget, increasing your assessment up to this percentage in order to cover increased costs of operating and maintaining the common area and sufficient reserve funds. The increase will be determined by the level of services to be provided to the community. Q: What happens if I don't pay my assessment? A: The maintenance and management services incurred by the Association are dependent upon timely receipt of the assessments due from each homeowner. Late payments will result in a late charge as assessments are due on the first of each year. In addition, the deed restrictions (CC&R's) allows the Association to charge late charges and interest and proceed with a lien on your property, or foreclosure proceeding for non-payment of assessments. Q: What are the CC&R'S (commonly referred to as deed restrictions)? A: 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 Board of Directors. Q: What are the Bylaws? A: 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 business. Q: Are there any other rules? A: The association has developed Rules and Regulations as provided for in the CC&R's and adopted by the Board of Directors. Rules are instigated to provide direction to the homeowners for common courtesies with regard to parking, vehicles, pets and pool use hours, etc. In addition, your Association may adopt Architectural Guidelines with procedures for submitting requests to make exterior changes to your home. Such changes may include patio covers, decks, landscaping, exterior color changes or extensive interior changes and additions. These rules and guidelines are set up to maintain the aesthetic value and integrity of the community on behalf of all owners, and hopefully protect the market value of your investment as well. Violations of these rules may result in action by the Board of Directors and a fine. In addition, if you proceed with an exterior improvement or change, without written approval of the Board of Directors, you will be required to remove or correct the alteration and/or be fined for the violation.
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