Sonoran Sea Resort - HOA Payments & Late Fee Policy
Policy #: F-3
Policy Purpose: The intent of this Payments process is to allow the HOA Office and OWNERS the ability to have control on the payments timeline to charge or remove late fees depending on the mailing postmarks on the checks. All late fee waiver requests will be submitted to the AC for approval. The HOA Office does not have the ability to remove late fees without the AC providing permission after reviewing each case.
ARTICLE 72– If an OWNER does not pay his regular or special MAINTENANCE and ADMINISTRATION FEES within the term established for such payment, as well as the sums that in a given case were determined by the ADMINISTRATOR with the approval of the SURVEILLANCE COMMITTEE to be paid by the OWNER for damages caused to the JOINT OWNERSHIP PROPERTY, said OWNER shall pay a 2% (two percent) monthly interest rate for the time of the default, without prejudice of the legal actions taken by the ADMINISTRATOR against the EXCLUSIVE PROPERTY or other property owned by the OWNER in default regarding the MAINTENANCE and ADMINISTRATION FEES, without the need of a prior resolution adopted at the OWNERS’ MEETING
Specifics: 11/16/2019 General Owners Meeting approved a change to increase the interest rate from 2% to 10% monthly (charged daily).
- If mailing a check, the envelope must be either received in the HOA office no later than the due date, or postmarked no later than 10 days prior to the due date to avoid any late fees.
- The checks must be error free and in blue or black ink or will not be accepted by the local bank. Checks returned by the bank for errors will be subject to late fees if a corrected check is not received by the due date.
- Owners may choose to send the payment via wire transfer, but if the payment is not received for any reason (bank error, incorrect information for example) by the due date the owner will be responsible for late fees assessed.
- The HOA Office is not responsible for mailing delays or mail loss.
OWNERs are encouraged to leave postdated checks in the office to cover future HOA fees and avoid late fee charges.
Release procedure for review.
HOA PAYMENTS & LATE FEE POLICY
SONORAN SEA RESORT HOA