What is an HOA?
A homeowner association is a non-profit corporation that is created by the developer when a community is in the planning stages. Membership in the homeowner association is mandatory, and you automatically become a member upon purchasing your home.
Each homeowner association has its own governing documents in the form of restrictive covenants, bylaws, architectural guidelines, rules and regulations. The restrictive covenants prepared by the developer are filed on the deed records and are legally binding. The restrictive covenants are intended to define the standards of the community for the purpose of protecting and enhance the value of the association.
The association has shared amenities as the playground and pool. The cost of operating and maintaining the community amenities as well as other expenses are paid by the members in the form of assessments (dues). The assessments are mandatory and failure to pay them typically leads to fines, restriction of services, property liens, and can ultimately include foreclosure.
What is the HOA Board of Director's Responsibility?
Board members have many functions that they jointly share, including establishing the association’s budget and maintaining adequate reserves; levying, collecting and spending association assessments according to the association’s approved budget; regulating the use, maintenance, repair, replacement and modification of the association’s common elements and units; retaining and supervising property managers; passing and enforcing any appropriate rules and regulations to protect the health, safety and welfare of the associations’ homeowners; enforcing the association’s declaration and bylaws; seeing to the fulfillment of the association’s disclosure obligations and annual meetings and upon unit re-sale; and ensuring the associations is properly insured, all in addition to the day-today management of the association’s activities.
Extracted from Thomsen * Nybeck Attorneys at Law; Roles and Responsibilities of Homeowners’ Association Board Members, http://www.tn-law.com
What is a Proxy?
A proxy is a form that is used to authorize an individual or Board of Directors to vote in your absence at a meeting. It is a way of attending the meeting and voting without having to be physically present.
FACTS about the Proxy:
If the designation line is left blank, it will automatically be voted by the Board of Directors. If you designate your proxy to someone and then attend the meeting, your proxy is not used because your presence renders it unnecessary. By signing over your proxy to an individual, you entrust them to vote the way you wish for them to vote. If a proxy is designated to the BOD, you entrust them to vote your proxy wisely how they see fit.
What is a quorum?
A quorum is a specific number of people plus proxies needed in attendance at a meeting for the meeting to be offially called to order.
Facts about the Annual Meeting Quorum:
Requirements are defined by the "Amended Bylaws" as 10% of the Home Owners Association. Therefore, to meet the quorum for Braxton Village, a combined total of 62 physically present home owners* plus proxies are required before official business can be conducted.
*A home owner equals one physical address. Only one person can vote per address.
How do I get in touch with the HOA Board and management company?
To contact the HOA Board of Directors, go to http://www.braxtonhoa.com Click on the “Contact Us” link.
To contact the management company, click http://rsfincher.com/contact.html
Why am I getting a letter?
When you purchased your home in Braxton Village and moved into your residence, you received a packet that included the covenants of the community. These covenants have been designed to ensure that your community remains a wholesome, pleasant place to live and to keep the property values high.
The management company conducts routines inspections of Braxton Village. When they observe discrepancies on your property as they pertain to the maintenance expectations of the Homeowners Association, a letter is sent to the owner to make corrections to the discrepancy. There is a 14 day window to become compliant with the covenants before fines and penalties are levied on the property. If you are unable to comply within the 14 days, call R.S. Fincher at 919-362-1460 before the compliance due date to avoid additional fines. DO NOT IGNORE the letters. Take action to correct the problem or schedule an appointment with R.S. Fincher to resolve the issue.
How do I pay my HOA assessments?
Annually, in January a coupon book will be mailed out to the address on record of the property owner. It is the responsibility of the homeowner to remain current on dues. R.S. Fincher has a fully functional account management website where you can access account/transaction history, make payments, set up recurring payments, and more.
- Online by eCheck: Both single payments and recurring payments can be made. When setting up recurring payments, dates need to be chosen each year, but can be changed at any time to meet your needs.*
- Online with a credit card (using a credit card will incur a small convenience fee by the financial institution of 3.75%)*
*NOTE: First time users will need to register on the RS Fincher payment website. Registration requires first and last names, street address, city, state, and zip code. If you have your account number (beginning with 752) it can be entered during registration, but is not necessary. Entering your account number and making sure that the spelling of your address is exactly as it appears on your payment coupon will allow immediate registration, else you will need manual approval by RS Fincher, usually within 24 hours.
- By Mail: Coupon book payments should be mailed to RS Fincher in the form of a check and should include the payment coupon before the due date in order to avoid late fees. These payments should be mailed to:
RS Fincher & Co., LLC
PO Box 99537
Raleigh, NC 27624
What happens if I don't pay my HOA dues?
- When the account is 30 days past due, a collections letter will be sent costing $5.50.
- 60 days past due, a second collections letter is sent costing $5.50.
- 90 days past due, information is sent to the attorney for collections ($102.00)
- The attorney will send the notification letter that within 15 days a lien will be place on the property.
- 120 days past due, the attorney will place a lien on the property ($253.00)
- 150 days past due, foreclosure process begins.
- 160 days past due, court date for the foreclosure hearing is set. (You can lose of your home)
Note: Legal fees can add up to cost more than the annual assessment amount. Avoid the legal hassle and pay dues on time. Each month past due you will incur a $2.88 late fee as well as the $5.50 collections letter.
Is there a fee charged by the HOA when a property in Braxton Village changes owners?
When a home closes, R.S. Fincher charges a $50 "certification fee."
How do I address the Board at a Meeting?
When attending a monthly board meeting please write your name and subject matter on the available sign-up sheet prior to the start of the meeting. You may also contact R.S. Fincher prior to the meeting and have your name and question placed on the agenda.
At each monthly HOA meeting, there is an open forum at the beginning of the meeting. You will be called upon to address the board with questions or concerns. Please be specific with your question as you may only be given three-five minutes to speak, depending on the number of residents who wish to speak. We may have to cut you off in the interest of time. Not all questions asked will get an immediate response. When the floor closes for public comment, the Board of Directors will continue to conduct the meeting and there should be not interruptions from the community while the floor is closed.
Meeting attendees should observe and listen while the Directors conduct the meeting without interruptions. Interruptions during the meeting could result in the person being asked to leave.