Olde Raleigh Villas Condominium

What Olde Raleigh Villas Condominium's governing documents say

This is an amendment to the rules and regulations of the Olde Raleigh Villas Condominium (ORVC) in Raleigh, NC, specifically addressing the collection of assessments (HOA fees). It applies to unit owners in this condominium community and outlines the late fees, delinquency procedures, and potential lien/foreclosure actions for unpaid assessments.

• Assessment due dates & late fees: Assessments are due the first of each month and considered late if not received by the last day of that month. A $10 late fee is charged for each month the payment is late.
• Delinquency collection process: If unpaid after two months, a First Delinquency Letter is sent with a 10-day deadline. If still unpaid, a Demand Letter adds a $100 charge and gives 30 days before the account is turned over to an attorney and a lien is filed.
• Liens & foreclosure: After the account is transferred to the attorney, a lien is filed against the property. The homeowner has 21 days to respond; if no payment or arrangement is made, the Board may decide to proceed with foreclosure.
• Returned check fees: Checks returned for insufficient funds incur a $30 charge (or the current bank rate), added to the owner's outstanding balance.
• What this document doesn't cover: This is only an amendment about assessment collections. It does not cover general community rules, pet policies, leasing restrictions, or other typical HOA regulations.

Plain-language summary generated from the governing documents on file for this community. It may be incomplete and is not legal advice — read the full documents below or consult the official recorded versions.