FAQ for HOA’s
The HOA’s insurance covers items in your association’s documents (Roof, exterior walls etc.) Each HOA is different with what it covers. A private Home Owner’s policy covers the interior contents of the property (cabinets, appliances etc.). A Landlord policy covers owners for many different issues including liability issues. Recommendation is for all homeowners to have a HO6 policy.
Fees are set at a flat rate with no set-up fees. A flat rate of $100 per document preparation for annual disclosures provided to homeowners is charged annually.
All required tax reporting is provided at no additional charge.
The client is responsible for all operating costs for running the property including, but not limited to, advertising, legal fees, as well as wages, payroll taxes, and workmans’ compensation for property employees, all materials and labor in connection with authorized repairs or improvements for the property, all services for the property (i.e. pest control, landscape maintenance, parking lot, etc.), utility charges, property taxes, insurance premiums and accounting and tax preparation fees. Regency reserves the right to pay all expenses for the property from a client’s trust fund account, on behalf of the client.
During the operational phase, Regency will implement the following:
- Computerized billing to all property owners.
- Follow-up on all delinquent property owner payments.
- Pursuing appropriate legal remedies for non-payment pursuant to the owners directives.
- Establish and maintain computerized accounting for property owner accounts.
- Prepare and mail notices.
- Enforce all rules pursuant to tenants lease.
- Supervise all common area building maintenance.
- Selecting vendors for all common area services on a competitive basis and ensuring vendors are properly licensed, bonded and insured as required by law.
- Review insurance coverage and get competitive bids.
- Provide detailed monthly financial reports.
- Processing annual 1096 transmittal and all 1099 forms.
- Help prepare annual financial records.
- Provide special financial analysis or statistical reports as needed.
- Maintain business relationship with all individual property owners and respond to any special request for services not covered in the contract.