FAQ
FREQUENTLY ASKED QUESTIONS AND ANSWERS SHEET
Lake Vista Residences Condominium Association, Inc. Revised December 2022
Q: What are my voting rights in the Condominium Association?
A: Each of the 132 units is entitled to 1 vote on all matters to be voted upon by owners.
Q: What restrictions exist in the condominium documents on my rights to use my unit?
A: Use and occupancy of the unit and use of the common elements by the unit owners, family members, tenants and guests are subject to various restrictions, including limitations on commercial use, pets, leasing, size and type of vehicles that may be parked on the property, and time of day limitations. See the Declaration of Condominium and the Rules and Regulations.
Q: What restrictions exist on the leasing of my unit?
A: The minimum term for renting a unit is three (3) months. Each lease must be registered with the management office and a refundable security deposit must be paid to the Association. Tenants are not permitted to have pets.
Q: How much are my assessments and when are they due?
A: The annual assessment for each unit in 2023 will be $9,534.84, payable in quarterly installments of $2,383.71 on January 1, April 1, July 1 and October 1. Approximately 22.6% of those payments will be diverted into a pooled reserve account for capital repairs and replacements and major maintenance that occurs less frequently than annually. A special assessment of $8,100 for payment of remaining costs for the 2022 replacement of all roofs in the project is due and payable by January 31, 2023.
Q: Do I have to be a member in any other association? If so, what is the name of the association and what are my voting rights and the current assessments?
A: The owner of each unit is required to be a member of the County Club/Edgewater Village Association, Inc. (“CEVA”). Each unit is allowed one vote in CEVA matters but all votes are cast by a representative selected by the Board of Directors of the Lake Vista Residences Condominium Association, Inc. CEVA bills assessments directly to each unit owner during December and the annual assessment is due January 1st. The amount due for calendar year 2023 is $74.00.
Q: Am I required to pay rent or land use fees for recreational or other commonly used facilities and, if so, how much?
A: No.
Q: Is the condominium association or CEVA involved in any court cases in which it may face liability in excess of $100,000? If so, please provide details.
A: No.
NOTE: THE STATEMENTS CONTAINED HEREIN ARE ONLY SUMMARY IN NATURE. A PROSPECTIVE PURCHASER SHOULD READ THE CONDOMINIUM DOCUMENTS, THE SALES CONTRACT, AND ALL DOCUMENTS REFERENCED THEREIN.