Association Monthly Dues
Association fees
To ensure the consistent maintenance and financial stability of the Association, all homeowners are required to remit a monthly assessment fee of $195.00, due on the 1st of each month.
Please note the following payment guidelines and late fee structures:
- Automatic Payment Requirement: For administrative efficiency and to ensure timely processing, all monthly dues must be set up via Automatic Payment. To initiate this process, please contact us at gvta2.0@gmail.com to request the necessary authorization forms.
- Late Fees: Payments not received by the 5th of the month are considered delinquent and will incur a $25.00 late fee.
- Arrears: Late fees are cumulative and will be applied for each consecutive month that a balance remains unpaid.
- Garbage Fines: Due to the immediate impact on community sanitation and aesthetics, fines for improper garbage receptacle storage or placement are assessed at $50.00 per week until the violation is corrected.
General Violations: All other infractions of the Association’s rules and regulations will be assessed at $50.00 per month for the duration of the non-compliance.
INSURANCE
The Association maintains a Master Insurance Policy that provides coverage for all common elements and the exterior building structures. However, it is essential for homeowners to understand the limits of this coverage and their personal responsibilities:
-
- Homeowner Responsibility: All interior components of the unit and “limited common elements” (such as decks and patios) are the responsibility of the individual homeowner.
-
- Loss Assessment Coverage: We strongly recommend that all owners carry a minimum of $25,000 in Loss Assessment Insurance on their personal (HO-6) policy. This coverage is generally very affordable and provides critical financial protection in the event of a catastrophic loss. Given the current market trend of rising deductibles, this ensures your interior property and share of exterior repairs (such as roofing and siding) are fully protected.
Proof of Insurance: If your mortgage lender requires a Certificate of Insurance (COI) or a copy of the Master Policy, please submit a request to gvta2.0@gmail.com. Please include the specific property address in your email, and our insurance agent will provide the necessary documentation.