Savoy Landing Homeowners' Association, Inc.

What Savoy Landing Homeowners' Association, Inc.'s governing documents say

Savoy Landing is a residential subdivision in Richardson, TX, governed by a homeowners' association (HOA). You own your lot and home; the HOA maintains common areas, private streets, and subdivision facilities. Architectural changes require prior approval, and all owners must pay annual assessments and comply with the governing documents.

• Architectural review: No exterior modifications (buildings, fences, landscaping, etc.) may be made without written approval from the Architectural Control Committee (ACC). Plans must show location, dimensions, materials, colors, and landscaping. The ACC can grant variances in limited circumstances.
• Assessments & fees: Annual regular assessment initially $1,650 per lot (subject to change). Owners must also pay a one-time $600 working capital fee upon purchase. Late payments incur interest (up to 18% APR) and a $25 monthly late charge. Special assessments up to 50% of the annual assessment can be levied without owner vote.
• Street maintenance reserve: A separate reserve fund (minimum 1/20 of total replacement cost annually) pays for private street repair and reconstruction, based on a capital reserve study reviewed by the City of Richardson.
• Lien for assessments: All unpaid assessments become a continuing lien on your property, superior to most other liens except property taxes and first mortgages (for post-recordation assessments). The HOA can foreclose.
• Security services: The HOA may provide limited security services (e.g., gates, patrols) but disclaims any duty to prevent crime or liability for criminal acts. Owners indemnify the association for security-related claims.
• Voting & membership: Each lot gets one vote. During the development period, the developer (Declarant) controls the board and has additional votes. After the development period, owner control transfers.
• What this document doesn't cover: This excerpt does not include pet restrictions, rental or leasing rules, age restrictions, parking regulations, or specific amenity details. Additional rules may exist in separate documents like Bylaws or Rules and 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.