panther trace riverview fl hoa covenants

As far as rules and restrictions of the neighborhood make sure there is nothing that is out of the ordinary – usually the big issue in homeowner associations is parking. Monthly HOA costs usually cover – landscaping, regular maintenance, management fees, any clubhouse amenities such as: pool, spa, workout room/gym, security and/or common area electricity. Make sure there is an adequate amount in the reserves in case of major problems such as: roof repairs, asphalt repairs, pool issues and/or property defects. Homeowners Association Informationīefore buying in an HOA you will want to check out their reserve funds, budgets, bylaws as well as the rules and restrictions of the community. You should verify all information including HOA prices/dues. *All information provided is subject to change by each individual community and/or association. See for yourself.Īnd checking FL Statute 190.026, a CDD has to wait one year until beginning the process of foreclosure over unpaid CDD assessments.Before buying in Panther Trace HOA you will want to check out their reserve funds, budgets, bylaws as well as the rules and restrictions of the community. The municipal government cannot move to foreclose on assessment liens for at least one to two years. Now, if you compare FL HOA statutes to the state’s laws governing collection of municipal taxes, you will note one glaring difference. In Florida – and virtually every other state in the US – your HOA can legally move to foreclose after as little as 45 to 90 days beyond the first delinquent payment. The HOA has more power to foreclose than the CDD or municipal governmentĪnd here’s something else to consider. So, if you think that a homeowners’ association with very low assessments is somehow less restrictive and more benign than a full-service HOA in a master planned community, think again. That amounts to less than $7 per month.Īnd yet, for such a relatively small assessment meant to cover non-essential services, the Panther Trace HOA has the power to foreclose on a home, potentially leaving the owner homeless, over a debt that amounts to less than 1% of the value of the home. That’s it.įor that “service,” according to the report linked above, Panther Trace HOA owners are assessed $75 – $80 annually. In other words, the HOA’s only duty is to enforce rules governing the appearance and use of your home and yard. Now, some of you reading this may be thinking that there’s really no need for a homeowners’ association as long as the CDD exists to take care of common area maintenance and insurance.īut, in the state of Florida, almost all CDDs also have an HOA (sometimes called a Property Owners’ Association), whose sole purpose is to enforce Covenants, Conditions and Restrictions (CC&Rs) and Architectural Controls. After that, the board of supervisors is elected publicly by regsistered voters of the CDD. A CDD is controlled by a developer-appointed board of supervisors for the first 6 -10 years, as specified by Florida Statute 190.Homeowners also pay for ongoing maintenance of their exclusive community features. These bonds are used to construct roads, a storm water control system, recreation and security amenities exclusive to the community. Homeowners pay back bonds issued at the time of construction or expansion of the community.The primary distinctions between a CDD and a municipal government are that, in a CDD, unlike a typical town or city government: (See this link to Panther Trace CDD for reference.) The costs for CDD services and bonds used for original construction become part of a homeowner’s property tax bill. The CDD handles all of the maintenance of community infrastructure and amenities. Now to add some perspective, the reader needs to know that Panther Trace is also organized as a Community Development District (CDD), a special purpose local government entity, in the state of Florida.

Panther trace riverview fl hoa covenants