| Dues | |
| Homeowner’s dues effective 2024 are $609.00 per year, payable semi-annually, and are due in January and July. If you are a new homeowner, you should have paid the dues current when you closed on your home purchase. You will receive the next bill in either December or June. e-Billing/ Payment is also now available.
If you rent your house to tenants, please notify the Board of your forwarding address. The dues are still owed by the homeowner, and the collection procedures apply even if your tenants don’t forward you the bills. |
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| Attorneys/ Real Estate Agents | |
| Please contact the HOA Treasurer for dues status for upcoming closings. | |
| Collection Procedures | |
| The vast majority of homeowners pay their dues on time, and the Board of Directors appreciates this very much. When dues are not paid on time, the following collection procedures apply as outlined in the covenants:
The semi-annual bills are sent out in December and June, payable on January 1 and July 1 subsequent. A 30-day grace period ensues, wherein the dues are still considered current if paid by January 31 or July 31. A late fee equal to 10% of the semiannual dues ($25.00) is charged monthly on delinquent dues beginning February 1 and August 1, when the dues are technically 30 days past due. There is also a $25 fee for late payments or returned checks. Banbury Woods now accepts online back payments for HOA dues. At 20 days past the grace period, February 20 or August 20, the Board issues a letter to the homeowner(s) of a record detailing the delinquency of the dues. It also notifies the homeowner(s) of the Board’s intent to file a lien on the property for the past due debt, including the dues, interest, and other costs of collection. A lien is an encumbrance to property and the lienholder is paid from the proceeds of the sale of the property before any distributions are made to the owner. The lien is filed 30 days after the grace period, March 1 or September 1 (when the original bill for dues is 60 days past due), if the dues and interest have still not been paid. At 90 days past due, an attorney is consulted and he/she issues a letter to the homeowner(s) specifying the Board’s right to take legal action toward foreclosure on the property. Homeowners are responsible for paying all costs of collection, including interest, attorney’s fees, court costs, etc., in addition to the dues owed. If necessary, alternative payment arrangements can be made by contacting the Board. Certainly, the Board hopes to avoid the necessity of the above collection procedures. But the association needs its income to operate, and it is only fair to those who pay their share on time that there be repercussions for those who pay late. |
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