PROPOSED AMENDMENT TO COVENANTS: A BUYER TRANSFER FEE
WPOA Board of Directors recommends a yes vote on the Covenant amendment (below). We believe the proposed Buyer Transfer Fee is forward-looking, financially prudent, and designed to transition us to a sustainable revenue stream before funding gaps occur in the years ahead. To pass, this Amendment needs at least 60% of all property owners to vote (for quorum) and needs 75% YES votes from those votes cast.
Amendment:
(Article V, Section 17) Buyer Transfer Fee
(1) At closing, or otherwise upon acquisition of record title to an improved or unimproved lot, a Buyer Transfer Fee shall be paid to the Association by or on behalf of the new owner or owners. This fee, designated as the Buyer Transfer Fee, shall equal the annual assessment levied on improved lots by the Association for that fiscal year under the Declaration. The Buyer Transfer Fee will be used to fund the Association’s capital reserves, including funding all or part of capital projects and covering the costs of maintaining, repairing, replacing, and improving Association property, facilities and equipment, including but not limited to roads, lakes, dams, stormwater and drainage systems, pools, buildings , playgrounds, and other recreational amenities.
(2) This Buyer Transfer Fee will not be required in the following circumstances:
• if the lot is transferred to a trust under which the current owner will remain the primary occupant or resident of the lot; or
• if the lot is acquired through a bequest, inheritance, or transfer-on-death deed.