What are the financial obligations of a lot owner to the Indian Lake Association?
Every Owner of Record of a lot automatically is a member of the Indian Lake Association, and as such is subject to the payment of annual common charges and special Assessments as levied by the association. These charges and Fees are determined by the Indian Lake Association Board and may differ based upon whether or not there is a house on the lot (Bylaws – Article III, section 2). (Initially the dues for all lots, whether there was a house on the lot or whether the lot was vacant were the same. Recently, lots with houses have been subject to higher common charges). The funds are used to build, operate and maintain roads, utilities, and recreation facilities for the benefit of the lot owners and to comply with state and local governmental requirements, and to pay taxes, insurance, etc. (Bylaws – Article IX.
Related Questions
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