Why do I have to pay Maintenance/Association Fees?
All owners are required to pay Maintenance/Association Fees as provided by Master Deed and governing documents of the association. The fees, typically called “monthly maintenance fee” are typically due on the 1st of each month. Most governing documents also contain language establishing a ‘grace’ period of an additional nine (9) days for the receipt of these payments due to irregularities in the postal system. Thereafter, the association reserves the right to assess late fines/penalties on open balances. (Please consult your Master Deed for specific regulations and requirements.)
You may pay these fees either lump-sum annually, part annually, or monthly. These fees are calculated against the annual adopted budget and based on your percentage ownership in the building. (As an example, if the annual income budget of the association for maintenance fees is $100,000, and your common percentage ownership interests in the association is 1%, your annual maintenance owed the association would be $1,000). Most associations will issue payment coupons or monthly invoices for the benefit of the owners, though this is done as a courtesy only.
These fees fund the operation and maintenance of the common property (building(s)) and are used to provide the corporate services of the association which in turn benefits you as an owner.
What do the Maintenance/Association Fees cover?
Maintenance/Association Fees pay for common area operations such as electric, gas, cleaning, landscaping, repairs, maintenance of pools, playgrounds and any improvements desired by the Association.
How do I pay my Maintenance/Association Fees?
Owners may elect to pay their Maintenance/Association Fees monthly, part annually or annually, via written or electronic draft check. At this time, no direct debit (ACH) payments are accepted for security and accountability reasons.
Checks must be made payable to the name of the Association, show your account number or street and apartment number. Preferably payments will also be accompanied by the maintenance coupon. At this time all payments should be mailed directly to the association name, in care of Julip Properties Inc. (“Association Name” c/o JPI, 1821 Merrick Ave. Merrick, NY 11566). At this time no credit cards are accepted.
To whom do I make my check payable?
Your check should be made payable to your Association (e.g.; “123 Homeowners Association, Inc.” or “987Condominium Association, Inc.”)
What does the Association do?
The Association is a non-profit corporation operated by a Board of Directors/Trustees elected by the owners annually. The Board is responsible for the oversight of Association funds, interaction and direction of the Management Company (Julip Properties), enforcement of the Rules and regulations, and the maintenance of common area property.
What is a "Managing Agent/Manager?
The managing agent/manager is a company that is a retained professional to the association and governed by the Board of Directors/Trustee’s to provide guidance to the Board, and to implement the Board’s decisions or instructions. The managing agent attends to the day-to-day corporate and operational aspects of the Association.
What is the managing agent/manager’s authority?
The “Governing Documents” for your association are the Articles of Incorporation, Bylaws, Declaration of Covenants, Master Deed, Conditions and Restrictions (or Declaration of Condominium) plus any Rules and Regulations, Resolutions or guidelines that have been established by your association.
Where can I get a copy of the Governing Documents?
You received a copy at, or prior to, closing on your home/apartment. If you need another set, you may obtain a copy for a small fee by contacting your Board or through Julip Properties Inc. Your Governing Documents are recorded instruments filed with the County Clerk so they are also available through the County in which your Association is located.
What is a deed restriction?
It is part of the Declaration of Covenants, Master Deed, Conditions and Restrictions (or Declaration of Condominium) that you agreed to when you purchased your home/apartment. Through this document, you agreed to be part of the maintenance of certain standards, upkeep and behavior in order to keep and maintain the community/association to certain aesthetic and operational levels. By following these restrictions and guidelines you along with your Board are able to maintain the very high property values enjoyed to this day.
Why do I need to comply with the deed restrictions and rules and regulations?
When you purchase your home in a deed restricted community, you automatically agree or subscribe to comply with the rules and restrictions then in place, or when they are properly amended and noticed to you. You compliance with these regulations ensures continued integrity of the association.
Must I get the Association’s permission prior to a home improvement?
It depends. Typically, you must seek the permission of your association when the improvement(s) involve or intersect common areas of the building or fall outside the unit/apartment boundaries as set forth in your master deed. Common areas of the association include main waste pipes, main electric service lines, main water lines, placing ducting or additional wires in the ceilings or in any ‘common’ walls between apartments or central hallways.
The association is most concerned that proper waste line size is maintained at all times and not overwhelmed by any additions within the building; That continued water service is provided at all times without interruption; That fire barriers between apartments and floors of the building is maintained at all times; The exterior aesthetics of the building are maintained at all times; That no holes, demolition or attachments are made to the exterior of the building to provide for continued safety of passersby; etc etc.
Further that your improvement(s) meet the association’s standards as set forth in the Governing Documents and avoids the problems that arise from the construction of improvements and the use of colors or styles that conflict with others in your neighborhood.
What is the "common area?
It is the land and building used and enjoyed by the members of the Association. This includes pools, playgrounds, hallways, exercise facilities and building structures.
What is a resale certificate?
The resale certificate is a disclosure by the Association of the amount of the assessment and whether the Association may foreclose to collect the assessment. It further notifies the buyer whether the seller of the property has (or has not) paid all assessments that are due and whether there are any violations affecting the real property being sold.
What does the Association’s insurance cover?
The Association’s insurance includes property and casualty policies for the building structure, all common area property and equipment. It also includes Liability and Directors & Officers policies that cover Directors, Committee Members and volunteers working on behalf of the Association. In areas prone to Flooding, the association will also carry Flood Insurance covering the structure and apartments within the building (excluding contents).
The association insurance policy WILL NOT cover individual apartment damage, interior or exterior contents or any equipment not purchased by the association. We always recommend owners carry, at all times, Owners/Tenants insurance policies. The cost of these policies is extremely reasonable, annually only a few hundred dollars
My mortgage company needs a Certificate of Insurance (COI). How do I obtain one?
You may contact the associations insurance carrier yourself and provide them with all pertinent information. In turn they will send your mortgage company a copy of needed Certificate.
Julip provides a value added service to its client owners; You may contact Julip directly and provide us with the following information; Your name, building street address, unit number, city, state and zip. We will also need your mortgage companies Mortgagee Endorsement Clause, loan number, mailing address, phone and fax numbers (Typically your mortgage company will send you a letter of need regarding insurance. If you receive such a letter, fax a copy to us and we will cull the needed information directly from it. In turn we will have a COI produced on your behalf, fax and mail a copy of the COI to your mortgage company, place a copy in your file for future referral and finally mail or email a hard copy of the certificate to you for your records.
Are there any pet restrictions?
Most condominium associations have pet restrictions. Because they can vary widely by community, please review the governing documents for the restrictions pertaining to your particular community. As always, follow local pet leash laws and make sure you understand any restrictions pet ownership may carry in the association or local prior to purchasing.