CRRA Collection Procedures Policy
Effective Date: May 1st, 2018
This Policy is put forth in accordance with the Memorandum and Articles of Association and the Encumbrances registered on each title for the Cougar Ridge Residents Association.
- May 1st, invoices detailing the Annual Rent Charge, plus applicable taxes including GST, are sent out to Members with Payment required by June 29th of the same year. The fees cover the fiscal year – January to December.
- If payment is not received by the Due Date of June 29th, a statement is sent out to the Member with the stamp: PAST DUE.
- If payment is not received by August 31st, a second statement is sent to the Member with the stamp PAST DUE: SECOND NOTICE.
- If the account remains unpaid on January 1st of the following year (6 months overdue), interest at the rate of 18% per annum is calculated and added to the amount owing, a title search will be completed and a DEMAND LETTER will be sent to the Registered Owner on Title via prepaid registered post. A $70 fee will be included to cover the cost of obtaining the Title search and associated administrative fees. The Member Registry Roll will be updated with the current owner’s information.
- The DEMAND LETTER will state that payment is required by January 31st or a Caveat will be registered against the title of the property. The cost of registering the Caveat is $168 and is charged back to the owner.
- Accounts that remain unpaid are subject to further collection by the Cougar Ridge Residents Association’s legal counsel, including foreclosure on the property; all legal and collection costs are charged back to the owner. Foreclosure proceedings are initiated at the instruction of the Board of Directors, usually once an account approaches $1,000 overdue (approximately 3 years of outstanding dues and collection fees).
- Cheques are made payable to the COUGAR RIDGE RESIDENTS ASSOCIATION
- A copy of the collection policy should be included with all invoicing notices sent to members.
- It is each member’s responsibility to ensure that payment clears their bank accounts and their account remains in good standing.
- Tenants of rental properties should check with their landlords regarding CRRA fees if they are uncertain who is responsible for paying the fees.
Payments are received by the Management Company:
Approved by the Board of Directors April 22, 2018. A copy of the policy is available in PDF format.