A Lexington Oaks home is a big investment. Whether it is a homestead or a financial investment, all parties benefit by adhering to reasonable standards that protect the value of these investments. In past years, the Association experienced higher levels of non-compliance with investment properties and changes were needed.
Accordingly, Lexington Oaks has since codified reasonable requirements in its governing documents for rentals and leases. Attached are some of the major points:
The lease, rental, or occupancy by a tenant of a Lexington Oaks home requires that the following documents be provided to our property manager, RealManage, prior to occupancy:
- Signed Lease Addendum
- Signed Copy of Lease in Question
Additionally, the Lease Addendum clearly provides that if an owner fails to take enforcement action against their tenant, the following actions can/will be taken:
- The Association (HOA) can/will take enforcement action directly against the tenant, including eviction, if necessary, and
- The owner will be responsible for costs and attorney fees resulting from these actions and will be given a Specific Assessment on the owner's property.
If a Lease Addendum is not properly completed, it is very important to know the following:
- The Association can/will still take the above mentioned enforcement action
- The owner will be fined $100 per day up to an aggregate of $1000.
- Failure to comply can/will result in a lien against the owner’s property.
- Legal Fees will accumulate against the owner's property.
Having an effective, enforceable policy is the best way to maintain standards. To illustrate, we have many excellent investment owners, renters, and lessors who have far exceeded our expectations.
Unfortunately, we have learned from experience that not every investor is so well prepared. Though no background checks are currently required by the Association, property owners would be wise to conduct them, as they are ultimately responsible for their tenants.
It could be said that a smart investment property owner is always positioned to increase or maintain the value of their asset by effectively managing the property. They are prepared. They have systematic processes in place to pick viable tenants and to minimize vacancy times. They know a good tenant will increase their value and a bad tenant can cost them dearly. A tenant who might turn off the sprinklers to save himself a little money may encounter dead grass, impending fines, and attorney fees, all ultimately the owner’s responsibility.
We welcome any homeowner, investor, renter, lessor, or occupant who is prepared to contribute to keeping Lexington Oaks a great place to live, work and play.