We've compiled a list of some Frequently Asked Questions below. If you can't find the question/answer you are looking for on this page, please contact us at PMI.
Q: What is a "management company," what do they do, and how do I reach them?
A: A management company is contracted by the Board of Directors to provide such services as: Collection of assessments, supervision of contractors, obtaining bids for contracted services, producing financial statements and collection reports, as well as a general clearing house for problem solving, communications with homeowners and the Board of Directors. The management company reports directly to the Board and all decisions are made by a majority vote of the Board of Directors. The management company may be reached on the Contact Us page on this site.
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Q: What is a homeowner's association?
A: It is a not-for-profit corporation registered with the State and managed by a duly elected Board of Directors. Its purpose is to maintain all common areas and to govern the community in accordance with the provision of the legal documents: CC&Rs, Bylaws, and Articles of Incorporation. The corporation is financially supported by all members of the homeowners association. Membership is both automatic and mandatory.
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Q: What are the CC&Rs?
A:The Covenants, Conditions and Restrictions (CC&Rs) are the governing legal documents that set up the guidelines for the operation of the association. The CC&Rs were recorded by the County recorder's office of the County in which the property is located and are included in the title to your property. Failure to abide by the CC&Rs may result in a hearing and possible fine to a homeowner by the Association. The governing legal documents for the association may be viewed by owners through the management company.
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Q: What are the Bylaws?
A: The Bylaws are the guidelines for the operation of the not-for-profit corporation. The Bylaws define the duties of the various offices of the Board of Directors, the terms of the Directors, the membership's voting rights, required meetings and notices of meetings, and the principal office of the Association, as well as other specific items that are necessary to run the Association as a business. The Bylaws for the association may be requested by owners through the management company.
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Q: What is the Board of Directors?
A: The Board of Directors are the elected body charged with running the corporation. The Board of Directors is elected by the homeowners, or as otherwise specified in the bylaws. The powers and limitations of the Board of Directors are outlined in the Association governing documents.
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Q: Are there any other rules?
A: Most associations have additional Rules and Regulations adopted by the Board of Directors. Rules are established to provide direction to the homeowners for common courtesies with regard to parking, vehicles, pets and pool use hours, etc. In addition, your Association will adopt Architectural Guidelines with procedures for submitting requests to make exterior changes to your home. Such changes may include patio covers, decks, landscaping, exterior color changes or extensive interior changes and additions. These rules and guidelines are set up to maintain the aesthetic value and integrity of the community on behalf of all owners, and hopefully protect the market value of your investment as well. Violations of these rules may result in action by the Board of Directors. Exterior improvement or change requires approval of the Board of Directors, or Architectural Committee, as applicable.
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Q: How do I report a Violation?
A: Should you have a situation that does not appear to be resolved through neighborly means, you may contact your property management company and ask to speak to the property manager for your Association. If the situation is deemed in violation of the Policies and Guidelines, the Board of Directors will institute the enforcement policy. Your continued assistance may be required.
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Q: Are Board Meetings open to all owners? If so, where and when are they held?
A: Yes. Notice of the time and place of any regular board meeting will be noted in the community newsletter and/or posted on-site.
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Q: If I want to serve on a committee, how do I find out what committees are active and how I can get involved?
A: If you are interested in volunteering, please contact your property manager or board member for more information.
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Q: What is my assessment?
A: The assessment is the periodic amount due from each homeowner to cover the operating expenses of the common area and provide for reserve funds for repair/replacement of common facilities. Your assessments are due on the first of the month. Coupons will be sent for assessments as a reminder of the amount due.
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Q: How is the amount of my assessment determined?
A: Budgets are developed by the Board of Directors and adjusted periodically to meet anticipated expenses. The largest monthly expense is typically the reserve contribution to fund major projects, which is determined by the HOA's reserve study. Reserve studies are performed by independent companies.
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Q: Will my assessment go up?
A: Your assessment is determined by the Board's projection of what the communities needs will be in the coming year. It may or may not increase depending on a number of factors.
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Q: What happens if I don't pay my assessment?
A: The maintenance and management services incurred by the Association are dependent upon timely receipt of the assessments due from each homeowner. Late payments may result in a late charge as assessments are due on the first of the month. In addition, the CC&R's and State law allow the Association to charge late charges and interest and proceed with a lien on your property, or foreclosure proceeding for nonpayment of assessments.
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Q: What is an estoppel letter?
A: An estoppel letter is a written statement of facts required by a lender of a third party in a real estate transaction and generally establishes outstanding amounts due.
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Q: How do I request an estoppel letter or Questionnaire?
A: All PMI estoppels and Questionnaires can be requested at Homewisedocs.com.
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