Annual Homeowner Association Fees
Annual Homeowner Association Fees form part of each Homeowner’s Restrictive Covenant and Encumbrance Agreement as registered with Land Titles. Fees are invoiced in February of each year with payment due within 30 days.
Your annual fees are used to support Amenities and Expenses of the Association. These include household waste collection; maintenance of community green spaces; maintenance of the Lake House, Garage and Beach property; snow removal on Association pathways; insurance and liability coverage for Association assets and Directors; maintenance of healthy financial reserves.
As stated in Association Bylaws, the “LAHPOA may introduce an amount representing an increase over the prior year’s Annual LAHPOA Fee equivalent to the increase, if any, in the Consumer Price Index as it applies to Calgary or such other amount as is determined and authorized by a majority of 50% +1 of HOA members represented at the Annual General Meeting or by a Special Resolution of the Association at a general meeting.”
In 2020, the Annual Homeowner Association Fee is $1,564.10 inclusive of GST.
Respectfully, please understand the following:
Payment is due in full by the date indicated on your annual invoice. Remittance by cheque or bank draft can be made by Canada Post, or placed in the Lake House front drop-box. Cash payments should be hand delivered to the Lake House in person, at which time a receipt will be issued. Instructions for payment by E-transfer are printed on the invoice.
Payment received after the due date will be subject to interest charges of 16% per annum (in accordance with Bylaws Schedule “A”, Restrictive Covenant & Encumbrance Agreement, section 4.0) until paid in full, and including overdue interest & any other penalties imposed to the date of full payment.
Following notification, delinquent accounts will be forwarded to the Association’s law firm. Legal recovery fees, as well as additional interest charges, will be added to the outstanding balance. Association member privileges, i.e. waste removal, gate access cards, community events, etc. will be suspended on all delinquent accounts.
If the resident and/or property owner misses the deadline for payment outlined in law firm correspondence, the file will be moved immediately to specialized law firm debt recovery staff. Delinquent residents will be responsible for any and all legal fees incurred to date of payment, on- going interest, as well as expenses associated with fee recovery efforts incurred by the Association’s legal representatives.