Winston-Salem HOAs collect assessments under authority of NCGS 47F-3-115. Regular assessments fund operations and reserves. Special assessments require owner approval if they exceed limits in the declaration. Unpaid assessments can lead to liens and foreclosure.
NCGS 47F-3-115 authorizes HOAs to levy assessments in proportion to the allocation set in the declaration. Budgets are typically adopted annually by the board and ratified by owners unless rejected by a majority under NCGS 47F-3-103. Special assessments for major expenses generally require owner approval by a percentage set in the governing documents. Unpaid assessments become a lien on the owners lot from the date due under NCGS 47F-3-116. Associations may foreclose through the clerk of superior court after providing notice and opportunity to cure. Interest on delinquent amounts is capped by NC usury law. Attorneys fees may be recovered by the association under the declaration. Late fees typically cannot exceed 20 dollars or 10 percent of the unpaid assessment per NCGS 47F-3-107.1.
Failure to pay can result in late fees, interest, lien filing, and ultimately non-judicial foreclosure sale.
See how Winston-Salem's assessment & dues rules stack up against other locations.
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