Notice to Fee Changes for New & Delinquent Accounts

Starting October 1st, the Board of Directors authorizes an addition to the current fee structure for new accounts and delinquent accounts within the association. In order to manage the ownership changes that will occur within the Quail Ridge Homeowners’ Association, the Board of Directors has authorized the addition of an owner transfer fee of $100. This will be collected from any new owner purchasing a unit within the association. It is required that this fee be paid upon conveyance of title and that the new owner’s name, mailing address, contact information, and a copy of the deed conveying title be provided with the payment of the owner transfer fee.
Additionally, in the event that an account becomes delinquent and payment is not made on amounts owing under the terms indicated in the CC&Rs, a late fee of $20 will be charged to each homeowner’s account that is delinquent beyond the 25 day grace period. Delinquent accounts will be charged interest on delinquent balances of 18% APR. In the event that a lien is filed to collect on delinquent assessments and fees, a lien filing fee of $100 will be charged to the homeowner’s account and the lien will not be released until the account is paid in full and no longer delinquent. If the balance is placed with a licensed collection agency, the homeowner will be responsible to pay the fees of the collection agency, which amount is therefore agreed to be 50% of the outstanding balance at the time the account is placed for collections. The 50% collection agency fee will be calculated and added at the time the account is placed into collections.
You will soon be receiving this notice by mail. If you have any additional questions, feel free to email contactus@rentfivestar.com.