HOA Q&A: Late fees
The HOA has always charged late fees; they are required by your covenants and restrictions. They also have been charged before Colby Property Management assumed the management of the HOA. We want everybody to have a clear explanation as to what the late fees are, so here is a brief rundown of when late fees are charged, and how much they are.
| Charge | Date | Amount | Basis |
|
Quarterly Assessment |
1st Day of Qtr | $70.00 | Article VII, Section C, as amended in 2007 |
| 1st Late Fee | 15th day of Qtr | $20.00 | Article VIII, paragraph 3, as amended in 2007 |
| Add'l Late Fees | each 30 days | $10.00 | Article VIII, paragraph 3, as amended in 2007 |
| Date | Charge | Amount | Balance |
| 7/1/2015 | Quarterly Assessment | $70.00 | $70.00 |
| 7/16/2015 | First Late Fee | $20.00 | $90.00 |
| 7/31/2015 | Additional Late Fee | $10.00 | $100.00 |
| 8/31/2015 | Additional Late Fee | $10.00 | $110.00 |
| 9/30/2015 | Additional Late Fee | $10.00 | $120.00 |
| 10/1/2015 | Quarterly Assessment | $70.00 | $190.00 |
| 10/1/2015 | No 'First Late Fee' on Oct. assessment since acct is already in arrears | $190.00 | |
| 10/31/2015 | Additional Late Fee | $10.00 | $200.00 |
| 11/30/2015 | Additional Late Fee | $10.00 | $210.00 |
| 12/31/2015 | Additional Late Fee | $10.00 | $220.00 |
