CAPITAL IMPROVEMENT FEES
2023 Capital Improvement Fees:
Improved Lot = $2,083.84 Un-Improved Lot = $596.92
WALLENPAUPACK LAKE ESTATES PROPERTY OWNERS ASSOCIATION
CAPITAL IMPROVEMENT FEE
A capital improvement fee is assessed to each lot of the WLE community upon each resale or transfer thereof, as follows:
For improved lots, the fee shall be the full amount of the previous year’s common expense assessments for such lots.
For unimproved lots, the fee shall be one-half (1/2) of the full amount of the previous year’s common expense assessments for such lots.
For this purpose, an improved lot shall be considered one where structural improvements have progressed to an extent that the house can be physically occupied, although is not necessarily habitable or actually occupied.
Each year’s ‘common expense assessments’ shall mean to include Annual Assessments and Special Assessments as such terms are referred by Article III, Section 3 of the Association’s bylaws.
The fee shall be immediately due and payable by the buyer or transferee to the Association upon such a transfer, and shall be a lien against the lot as other Association lot assessments. If the buyers or transferees do not pay the fee, they shall be liable with the sellers or transferors (jointly, severally, and otherwise) for its payment as any other Association assessment or fee. For lot transfers involving the Association, the Association, as seller/transferor or buyer/transferee, shall not be liable for its payment; however this does not relieve the other party of liability for the fee payment.
Maintenance & Use Restriction
Such fees collectively will be maintained in a separate capital account and will be expended only for new capital improvements or replacement of existing common elements, and will not be expended for operation, maintenance or other purposes.
Such fees shall not be imposed in the following instances:
Familial Transfer: Upon any gratuitous transfer of a lot between any of the following family members: spouses, parent and child, siblings, grandparent and grandchild. Documented proof and sworn affidavits of such familial relationship and the acquisition interest of the transferee and other information, as is acceptable to the Association, shall be provided to the Association at the time of sale or transfer.
If a familial transfer is less than the entire interest of the property, such that one other than a non-exempt family member also acquires a fractional interest by the transfer, then the transfer fee exemption shall be proportionate only to such familial transfer. The fee required in such cases shall be proportionate to the extent of the interest of the property transferred which is non-exempt.
Foreclosure Transfer: Upon transfers of lots to secured lending institutions by foreclosure sale or in lieu of foreclosure.
Reconveyance Transfer: Upon the acquisition of an unimproved lot, as long as the buyer/transferor has signed and delivered to the Association at the time of such acquisition a sworn affidavit declaring the intention to reconvey such lot within 18 months of its acquisition; and actually completes such reconveyance within the 18 month period. However, a fee shall nevertheless be due and payable upon such non-exempt lot reconveyance transaction, which is and shall be treated as a separate resale/transfer.
The lot ‘acquisition’ and ‘reconveyance’ shall be deemed to have occurred as of the date of the purchase/sales agreement for each non-gratuitous transaction, which agreements precede the delivery of the instrument or deed of title.
In the event the reconveyance does not timely occur, then the fee shall be then due for the transaction which the fee exemption was claimed, and payable with interest thereon at the Association’s authorized rate from the lot acquisition date.
The grantor and grantee of a lot for a voluntary conveyance, and the previous owner and the grantee in an involuntary conveyance, including tax sales or judicial sales, shall be jointly and severally liable for all such unpaid fees, interest thereon and all costs of collection. The Association shall have all its rights and remedies to assess late payment charges and interest and to enforce payment of and collect all such fees and charges.
The Board of Directors shall establish rules, procedures and forms for the implementation, effectuation, compliance and enforcement of this lot transfer fee assessment resolution. To the extent not explicitly stated hereby, this transfer fee authorization shall be construed and applied consistent with §5302 (a)12 of the UPCA.
This fee shall be effective as to transactions occurring on or after January 1, 2006.”