Q: What are the dues/assessments for Saddlewood Meadows HOA
A. $30/year
Q: What is the due date of the dues/assessments:
A: November each year
Q: What is the time period covered (fiscal year) of the dues/assessments?
A: November through November for every year
Q: What is the payment address for dues to Saddlewood Meadows HOA?
A: Saddlewood Meadows HOA, P.O. Box 536, Hamel IL 62046
Q: What is a homeowner’s association?
A. In the United States, a homeowner association (HOA) is a corporation formed by a real estate developer for the purpose of marketing, managing, and selling of homes and lots in a residential subdivision. It grants the developer privileged voting rights in governing the association, while allowing the developer to exit financial and legal responsibility of the organization, typically by transferring ownership of the association to the homeowners after selling off a predetermined number of lots. Membership in the homeowners association by a residential buyer is typically a condition of purchase; a buyer isn’t given an option to reject it. Most homeowner associations are incorporated, and are subject to state statutes that govern non-profit corporations and homeowner associations. State oversight of homeowner associations is minimal, and varies from state to state.
Q: What are covenants and restrictions?
A. Covenants, conditions, and restrictions,” commonly abbreviated “CC&Rs” or “CCRs“, are a complicated system of covenants, known generically as “deed restrictions,” built into the deeds of all the lots in a common interest development. Land developers typically use restrictive covenants when they subdivide property for residential developments. A land developer, after platting the subdivision into lots, blocks, and streets, will impose certain limitations on the use of the lots in the development. These may include a provision restricting construction to single-family dwellings with no detached outbuildings, as well as specifying that the dwellings are to be built at least a specified distance from the street and from the side and back lot lines, commonly called a “set back” requirement. Another common restrictive covenant specifies a minimum square footage for dwellings. There may be a variety of other restrictive covenants that seek to control the way the development looks and is maintained. These covenants are filed with the approved plat. See the documents page of this site to view the covenants and restriction for Saddlewood Meadows.
Q: What does HOA stand for?
A. HOA is a common abbreviation for a Homeowners Association.
Q: Are covenants and restrictions the same thing as an HOA?
A. The day-to-day business of most planned developments, such as managing finances and maintenance, is typically run by its homeowner association (HOA) board of directors (the “Board”). If you live in a planned unit or common interest development, serving on the Board can be an important way to impact, and help maintain, the well-being of your community. It is the responsibility of the HOA to know the content of the covenants and restrictions and use that information to manage the care of the development.
Q: What are the duties of a HOA?
A. The homeowners association is the cornerstone of a planned residential community. It brings continuity and order to the community, it preserves the architectural integrity and it maintains the common elements. Properly run, the association promotes the concept of “community” and protects the neighborhood’s property values.
The association has responsibility for its common elements as well as the management and operation of the association’s business affairs – – all in accordance with standards established by the governing documents created when the community was first developed. To the extent that an association (typically a non-profit corporation) has such authority and control, it is its board of directors that carries out these duties and responsibilities.
The members of the board of directors and each officer of the association have a fiduciary relationship with the members of the association. This fiduciary relationship imposes obligations of trust and confidence in favor of the corporation and its members. It requires the members of the board to act in good faith and in the best interests of the members of the association. It means that board members must exercise due care and diligence when acting for the community, and it requires them to act within the scope of their authority.
Q: Who are the members of the Saddlewood Meadows HOA?
A. As outlined in section 31 of the covenants and restrictions for Saddlewood Meadows; “The owners of each lot in the Subdivision shall collectively own one share in the Homeowner’s Association and shall be entitled to one vote per lot for conducting business for said Homeowner’s Association”
Q. Do covenants and restrictions need to be agreed too by a homeowner in the subdivision?
A. Covenants and restrictions are binding upon the purchaser a property within the HOA, and the purchaser will become subject to them, whether or not they have been reviewed, read, or understood. The general rule of “constructive notice” applies in these cases – Read more at: http://realestate.findlaw.com/owning-a-home/cc-r-basics.html
Q: How can I make a change to the covenants and restrictions for Saddlewood Meadows?
A. As outlined in section 1 of the covenants and restriction for Saddlewood Meadows TIME PERIOD AND ENFORCEMENT OF RESTRICTIONS, a change can be made by an”approving vote of all of the owners of at least 67% of the lots”. A vote can be established in writing through signatory means.
Q: Are covenants and restrictions legal in Illinois?
A. Yes, Illinois law governing homeowners association can be researched online at http://www.ilga.gov/legislation/, under the Common Interest Community Association Act (765 ILCS 160/) .
Q: What are HOA funds used for?
A. Generally, HOA fees are allocated to:
- Payment of everyday and recurring expenses
- Accounting and Legal Fees
- Major repairs and replacements
There are basically two types of funds you will deal with in your HOA. The day-to-day operations are taken care of by operating funds. The major or long-term projects are handled by the reserve fund (Saddlewood Meadows HOA currently does not have funds allocated to the Reserve Fund but plans to be a topic in a future Board Meeting).
An HOA board typically runs its financial operation like every household does. A checking account is used for the everyday and ongoing expenditures and a savings account is used for unforeseen circumstances or planning for future repairs and replacements.
Operating Funds are typically used to pay for the services that help carry out the everyday functions of the association. These include, but are not limited to:
- Contracted services
- State Fees and taxes
- Utility expenses (currently Saddlewood does not have utility expenses)
- Office expenses (postage, office supplies)
- Accounting and legal fees
Reserve Funds would typically be used for larger scale projects, such as replacement and repair in the homeowners association. A good way to look at the reserve fund is to understand it’s used to pay for expenditures that don’t occur on an annual basis. Some example could be
- Drainage ditch changes
- Security
- Major landscaping projects (regrading of common areas etc.)
- Construction and/or major renovations such as sidewalk projects
