Realtors - Important Information
Issue:
With the impending sale of a home in Cordova Club comes the question of the status of the property vis a vis dues payments, outstanding liens and/or judgments. The CCOA receives a number of telephone calls regarding status of homes each month. The purpose of this page is to acquaint owners, realtors and closing attorneys with our Standard Operating Procedures (SOP) and fees with respect to inquiries of this nature.
Disclose to your Buyers:
In that there are approximately 600 properties and a tiered dues structure within the CCOA, hence, without reference to our bookkeeper’s records there is no means of providing a fast, easy, answer regarding Cordova Club fees for a particular property.
Cordova Club Owners' Association dues are to be paid each year by April 15. If payment is not received on or before that date, a late fee of $25.00 attaches. If the dues and late fee are not paid on or before May 15, an additional late fee of $50.00 attaches. If the dues and late fees are not paid by June 15, a $500.00 late fee attaches and the delinquent matter is forwarded to the CCOA attorney who files a lien in Chancery or General Sessions Court causing attaching legal fees and court cost to the amount owed the CCOA. If the lien is not satisfied within three months, a judgment is sought with additional legal fees and court costs attaching.
Furthermore, the CCOA pro-actively enforces the communities Codes, Covenants, and Resolutions. The initial fine for an infraction is $150.00 but, if the fine is not paid within 30 days, an additional fine of $500.00 attaches and, again, the matter is forwarded to the CCOA attorney who files a lien in Chancery Court with legal fees and court cost to the original amount attaching. If the lien is not satisfied within three months, a judgment is sought with additional legal fees and court costs attaching.
Obtaining a Statement of Account:
In accordance with Cordova Club Codes Covenants and Restrictions, Article XIII Assessment for Common Expenses, a fee of Fifty Dollars ($ 50.00) attaches to a request for a certification on property within the Cordova Club. Specifically, Article XIII states:
“Any Owner or first Mortgagee may inspect the Association's records of receipts and expenditures at any reasonable time during convenient weekday business hours upon ten days' written notice of such intent to the Board of Directors or the Manager, if any. Upon payment of a reasonable fee, not to exceed Fifty Dollars ($50.00), any Owner or first Mortgagee of such Owner shall be furnished a statement of account setting forth the amount of any unpaid assessments or other charges due and owing from such Owner.”
There are several important points to be noted here.
- First, we will only provide financial information formally to the "Owner of Record" -or- the "First Mortgagee" -or- their specifically "Authorized Agent".
- It is the responsibility of Realtors and/or Title Search Companies to provide that information to us.
- We require: "SIGNED AUTHORIZATION FROM THE OWNER or FIRST MORTGAGEE or DESIGNATED REPRESENTATIVE".
Link >>> OWNER AUTHORIZATION FORM >>>
- Furthermore, our Bookkeeper endeavors to provide a forty-eight (48) hour turn-around on all appropriate requests for status received by email or fax if the following Standard Operating Procedure is followed.
The Standard Operating Procedures (SOP) require:
- Certification of the requestor as the representative of the owner or mortgagee
- The name and address/phone number of the mortgagee
- E-mail address of the authorized requestor
- Name of the buyer and contact information to include an e-mail address
- The date of closing
- Certification that the requisite fee and debts will be disbursed to the CCOA as part of the closing.
Failure to provide any of these five required Items of information can result in a delay in the processing of your request.
Once all "Six Items of Information" are in place, please contact Cordova Club's Bookkeeper by email or fax and we will promptly comply with your request.
Contact: Lisa Zyriek, CCOA Bookkeeper
Fax: 888-578-9731
Action:
We hope that this information will make your job easier and ensure that all necessary information is available at closing. Alternatively, there is no guarantee implied or stated that last minute request will be accommodated and failure to collect duly registered dues, fines, liens, fees and/or judgments may result in legal action by the CCOA.
Note to Realtors listing properties in one of Cordova Clubs Gated Communities:
To accommodate resident selling their homes in gated communities, the gates are to be opened from the hours of 1:00 PM to 5:00 PM on the first Sunday of each months. The gates will NOT be open at any other time.
