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HOA Assessments, Fees & Fines: Riverpark Estates

The following is the delinquency policy, fine policy, and schedules for fees and fines, as provided for in the Declaration of Covenants, Conditions and Restrictions of Riverpark Estates and RCW 64.38.020.

Assessment Amount Per Home (2019) $ 242.00 Annual
Due Date (2019).  Delinquent after February 1.   01/01/2019 Paid in full.
Annual Assessment Late Fee1 $ 50.00 Annual
Annual Assessment Delinquent Interest2   12% per annum
Special Assessment Late Fee1 $ 25.00  
Special Assessment Delinquent Interest2   12% per annum
Collection Service Fee $ 25.00 per month
Returned Check Fee (each check)3 $ 25.00  
Lien Filing Fee $ 330.00  
Legal Handling Fee $ 50.00  
Lien Release Fee $ 100.00  
Escrow Transfer Fee $ 25.00  
Grace Period   30 days

 

Fines

First Notice   none
Second Notice with Fine Warning $ none
Third Notice Fine + Each Month Thereafter Until Violation is Remedied $ 150.00
Fourth Notice Fine $ N/A

Notes:

  1. Not to exceed 25% of unpaid assessment. Assessed 1st of the month or 15th, depending on your HOA's grace period, on initial delinquency.
  2. From due date until paid. Assessed 1st of month or 15th .
  3. There may be additional fees from your financial institution.
  4. At the discretion of the Board.

Unpaid fines and fees are considered unpaid special assessments and are subject to the applicable late fees and delinquent interest.

 

Billing and Delinquency Policy

Annual and special assessments shall be paid to the Association, or its authorized Agent, on or before the date due listed above and also on the invoice. A grace period will be granted to allow for mail and other unforeseen delays. The grace period is HOA specific. Please see the above schedule for the number of days in your community. Assessments received after the grace period shall be considered delinquent.

Once past the grace period, the Association will assess any Late Fee (listed above) against the delinquent account. The Association will notify by mail to the last known  address of the Owner stating that the account is delinquent.

If your hoa charges interest, for each month the account remains unpaid, or the owner is not on an approved payment plan, an interest fee (detailed above) will be assessed on the 1st of each month for those balances past the grace period, until the account is brought current or the owner has commenced with an approved payment plan.

Liens, Collections and Legal Action

Accounts with a balance due equal to or greater than two times the current annual assessment amount, or less if specified in your governing documents, regardless of how, shall be subject to a property lien. Prior to filing the lien a final attempt to get the property owner to bring the account current will be made by mailing a certified, signature required letter to the last know mailing address that includes:

  1. A final warning that details the amount due and the deadline after which the lien will be filed
  2. Current Balance Due Invoice will be sent if one has not already been sent in the same month
  3. A copy of the fully notarized and ready to file lien including the amount owed
Failure to make a good faith effort to bring the account current will result in a lien being placed on the property.

At the discretion of the Board of Directors (or the Registered Agent on their behalf) may, at any time after the filing of the lien, turn the matter over to either a collections agency or the HOA Attorney for further collection action. Once turned over to the Association’s attorney, all costs of collection will be assessed against the delinquent account. The delinquent Owner shall communicate with the Association’s attorney directly, and shall make all payments, including attorney’s fees, to the Association’s attorney until the delinquent Owner brings their account current unless the Owner, the Directors, and the Association’s attorney agree otherwise in writing. The Board will also decide, in consultation with the Association’s attorney, what further steps, if any, the Association needs to take to protect the community’s best interests. Once an account is turned over to a collection agency, it can not be cancelled and is out of our hands, all communications must be done through the agency, debt will be reported to credit agencies and the collections agency at their discretion may opt for legal action and collect additional fees allowed by law.

Once the account is paid in full (including prepayment of the Lien Filing and Release Fee), the release of lien will be filed within 2 weeks following the account becoming current unless the date of the release is within 1 month of the next annual assessment, the lien shall remain in place until the next assessment has been paid. 

Only accounts that are paid in full may have the lien released.