Assessment

The periodic dues owners pay to fund common-area maintenance, insurance, amenities, and reserves. Amounts and schedules are set by the association, not by this guide.

Covenant and governance terms come from the recorded documents that bind every lot: what may be built, what is owed, and how standards are administered.

Assessment in Skyecroft practice

Assessments are a mandatory carrying cost of every Skyecroft lot, unlike optional club memberships in some nearby golf communities. They fund the gate, common landscape, clubhouse and pool, insurance, management, and reserves. Because amounts change with each budget, the figure in an old listing or article is not reliable; ask for the current amount, the payment schedule, and the most recent budget that produced it.

What to verify

• The current regular assessment and payment schedule in writing.
• The adopted budget and the last two years of financial statements.
• Any working-capital or transfer charge due at closing.

Where this term matters in the guide

• HOA & Association
• Covenant Living Guide
• Home Values

For the wider treatment of this subject, read The Covenant Living Guide. Definitions here are general editorial explanations of common usage — they are not legal definitions and do not interpret any specific recorded document. See Disclosures.