Magnolia Townhomes Condominium Association

What Magnolia Townhomes Condominium Association's governing documents say

This is an assessment collection policy for Magnolia Townhomes Condominium Association, a condominium community in Burleson, TX. It spells out how the association collects regular and special assessments from unit owners, including late fees, interest, collection procedures, and lien rights. It is an ancillary document—not the full set of community rules—so it focuses on financial obligations and enforcement, not on what you can do with your unit.

• Assessments: due dates & delinquency: Regular assessments are due on the first calendar day of the month they are charged. Any assessment not fully paid when due is delinquent, and it stays delinquent until paid in full including costs, interest, and late fees.
• Late fees & interest: The association may charge late fees and/or interest at the highest rate allowed by law, accruing from the due date until the balance is paid in full.
• Collection costs: Defaulting owners are liable for the association's collection costs, including title reports, certified mail, court costs, filing fees, and reasonable attorney's fees.
• Payment plans: The association must offer a payment plan to delinquent owners with a term of at least 3 months and at most 18 months, and may charge reasonable administrative fees and interest.
• Application of payments: Payments are applied in a fixed order: first delinquent assessments, then current assessments, then attorney fees and costs, other attorney fees, fines, and any other amounts—regardless of payment notations.
• Collection procedures & milestones: The process begins with a friendly reminder, then a 30-day initial collections letter (allowing payment or dispute), a title search with 90-day notice before lien filing, a final demand letter giving 45 days, and then referral to an attorney or collection agency. A lien may be recorded, and release is filed once paid.
• Suspension of amenities: The board may suspend an owner's (or tenant's) use of common area amenities if their account has been delinquent for at least 30 days.
• What this document doesn't cover: This is only the assessment collection policy. It does not cover pet rules, leasing restrictions, architectural standards, or any other community rules—those would be in the association's CC&Rs or other governing documents.

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.