WHAT IS SOMERSET VILLAGE HOA (SVHOA) AND HOW DOES IT WORK?
Whether you are a first time homeowner or a seasoned homeowner there are often many questions and misconceptions about what Somerset Village HOA really is and does for you.
When you purchase your home, you should be provided with all of the information you need to know what your HOA is responsible for and how it works. However, this information can be difficult to read and is often overlooked.
Below is a quick explanation of the basics of what Somerset Village HOA is and how it works.
WHAT IS SVHOA(Somerset Village HOA)?
Somerset Village is a DEED-RESTRICTED ASSOCIATION consisting of 401 homes. The property is fully constructed and recreation facilities and common areas are owned jointly by all homeowners. It is not subject to any further phasing.
We are a not for profit legal business entity. That means it is a corporate business entity; however, the goal is that of a non-profit organization. The Association, the Board of Directors, are legally bound to abide by its ‘Governing Documents’, which act as guidelines to help guide the association financially and physically.
WHAT IS A BOARD OF DIRECTORS?
The Board of Directors is a group of homeowners elected by other homeowners in the association to make decisions on their behalf. The Board has a fiduciary responsibility to be fiscally responsible, maintain the association, and preserve home values.
The Board works with contractors to help in each of these goals whether that is landscaping, maintenance, or lawn mowing services. Board members typically serve anywhere from one to three year terms and any homeowner that is current in their assessments (dues) may serve if elected.
RIGHTS AND RESPONSIBILITIES OF HOMEOWNERS AND BOARD OF DIRECTORS.
Perhaps the greatest achievement for any association is creating and sustaining a sense of association among homeowners. These principles can serve as an important guidepost for board and committee members, and homeowners .
Homeowners have the right to:
1. A responsive and competent association.
2. Honest, fair and respectful treatment by the officers and committee members.
3. Participate in governing the homeowners association by attending meetings, serving on committees and standing for election.
4. Live in a association where the property is maintained according to established standards.
5. Receive all documents that address rules and regulations governing the homeowners association, by a real estate agent or attorney upon joining SVHOA.
Homeowners have the responsibility to:
1. Read and comply with the governing documents of Somerset Village.
2. Maintain their property according to established standards.
3. Treat association leaders honestly and with respect.
4. Vote in association elections and on other issues.
5. Pay association assessments and charges on time.
6. Request reconsideration of material decisions that personally affect them.
7. Provide current contact information to help ensure they receive information from the association.
Board of Directors and Committee Members have the right to:
1. Expect owners to meet their financial obligations to the association.
2. Expect owners to know and comply with the rules and regulations of the association and to stay informed by reading materials provided by the association.
3. Respectful and honest treatment from residents.
4. Conduct meetings in a positive and constructive atmosphere.
5. Receive support and constructive input from owners.
6. Personal privacy at home and during leisure time in the association.
Association leaders (Board and Committee Members) have the responsibility to:
1. Fulfill their fiduciary duties to the association and exercise discretion in a manner they reasonably believe to be in the best interests of the association.
2. Exercise sound business judgment and follow established management practices.
3. Balance the needs and obligations of the association as a whole with those of individual homeowners and residents.
4. Understand the association’s governing documents, become educated with respect to applicable state and local laws and manage the association association accordingly.
5. Establish committees or use other methods to obtain input from owners.
6. Conduct open, fair and well-publicized elections.
7. Welcome and educate new owners in the association.
8. Encourage input from residents on issues affecting them personally and the association as a whole.
9. Encourage events that foster neighborliness and a sense of association.
10. Conduct business in a transparent manner when feasible and appropriate.
12. Collect all monies due from owners.