In a common shared community, assessment payments cover water, sewer, WiFi, cable, trash removal, recycling, onsite management company (including common area maintenance and housekeeping), heated pool, insurance, pest control, and fitness center.
Assessments are levied pursuant to the annual association budget and are required to be sufficient to cover all known or anticipated expenses for the coming year. They are due on a quarterly basis. Annually, prior to the end of the fiscal year, the board of directors drafts and adopts a budget.
Payments are due the first of January, April, July, and October. Late fees and interest are incurred after the 10th of the month.
The remedy for failure to pay the assessments is foreclosure, and the association has the power to take title to the unit if the owner does not pay what is due and owed.
Cadence Bank Form
We encourage owners to pay their quarterly assessments via automatic withdrawal. Click the Cadence Bank form below to enroll. Convenience fees may apply.
In addition to the budgetary assessments, boards have the power to levy special assessments to cover unanticipated or nonrecurring expenses.