Q: What is a POA:
A: POAs are formal legal entities created to maintain common areas and they have the authority to enforce deed restrictions. In the case of Beacon Hill, membership is mandatory for all property owners within the development and members are charged mandatory fees when they sell their home.
Q: What are the monthly dues at Beacon Hill:
A: There are no monthly dues or annual assessments at Beacon Hill. An owner pays a 3% transfer fee only when the home is sold. The developer will pay the first transfer fee when he sells the lot to the owner and the Association will be funded for the foreseeable future. When the POA control shifts to homeowners, they are legally allowed to collect special assessments only in the event of extraordinary circumstances. The developer is not allowed to collect special assessments.
Q: What restrictions does the POA enforce?
A: Covenants, Conditions & Restrictions (CCRC's) are issued to each homeowner at closing and the POA will ensure that they are adhered to in order to maintain the quality and value of the properties involved. These restrictions include things like prohibitions on overnight parking on the street, landscaping approval or types of plants, fence restrictions, pool restrictions, restrictions on the erection of storage buildings, storage of boats and RVs etc...
Q: Who is in charge?
A: The developer will be in charge of the POA until 80% of the lots are sold and all debt to the developer is repaid. The developer is allowed to loan money to the POA if there is a shortfall.
Q: What does the POA fee cover?
A: This fee will cover all common area maintenance including the ponds, club house, hiking paths, beaches, swimming areas etc... Dues do not cover membership in the marina.
Q: Will the POA ever raise the dues?
A: The 3% transfer fee is part of the deed restrictions and can not be changed. Special assessments can only be made by a duly elected board of residents and only in extraordinary circumstances.
Q: What if the developer runs out of money before turning the community over to the POA?
A: Kemp Lakeside Investors is proud of the fact that there is no bank debt on Beacon Hill. The lots will sell and the community will grow.