Rosewall Townhome Association, Inc.
Banking and Homeowner Payment Policy
Effective February 26, 2002
Back to Rules
1. Payments of monthly assessments/fees. Rosewall allows homeowners to pay monthly assessments in two methods: a) automatic electronic debit and b) by check with a coupon. The Board of Directors determines the amount of the monthly assessment, commonly called the monthly fees or dues, prior to the beginning of each calendar year.
- By automatic electronic draft. Interested homeowners complete the Automatic Draft Permission form that gives Rosewall the authority to draft the owner’s account and provides the completed form and an actual check (marked void across the check face) to Rosewall. Each month, Rosewall notifies its bank to debit the monthly fee on the 12th of the month, or if the 12th falls on a weekend of holiday, then the next furthest business day.
- By check. Unless the payment is drafted automatically, each owner must provide a check for the full amount due and the monthly payment coupon to Rosewall by the 15th of the month in which the payment is due.
2. Payments of Special Assessments. Homeowners can vote to establish a special assessment when necessary to pay capital expenses. The homeowners determine during a properly called homeowner’s meeting the amount of the assessment, when the assessment is due and the penalty for a late payment.
3. Late Fees for Monthly Payments. Rosewall charges a late fee to a homeowner if their monthly payment is not paid by the 15th of the month in which it is due. The Board of Directors determines the amount of the late fee prior to the beginning of the year. When a monthly payment is late, Rosewall sends the homeowner a late notice letter and a statement for the amount of the late fee. If the monthly assessment and the late fee are both not paid within 30 days of the initial due date, Rosewall assesses a second late fee charge. A new late fee charge is assessed for each additional 30-day period the monthly assessment and all related late fees remain unpaid. Rosewall will issue a second notice upon the homeowner’s failure to pay the late fee or the monthly assessment by the 30th day after the due date.
4. Yearly Account Report. Rosewall will provide each homeowner a report upon request.
5. Waiver of Later Fees. Rosewall Board of Directors may waive a late fee for an owner if the late payment was justified and waiver is in the best interests of the Rosewall community. A director who has asked for a waiver of a late fee must abstain from any vote on the waiver.
6. Access to Financial Information. All Rosewall financial information such as owner account balances, owner late fee charges, and payment dates, are subject to inspection by any homeowner. Inspection is subject to the owner agreeing to maintain the confidential nature of the information.
7. Banking. Rosewall will continue to seek processes that will allow it to improve the reasonable convenience to homeowners for making payments, and reducing administrative and financial costs.
Back to Rules
Website by Telajet