When you purchase a home at Ceibo Valley, you automatically become a member of the Homeowners’ Association, for which there will be annual dues.
The Homeowners’ Association is a non-profit Ecuadorian corporation. It establishes and administers rules governing the community and forms an architectural control committee to review building plans for homes that are not pre-approved.
Annual dues are used for improvement and maintenance of roads and common areas, administration, security, and insurance, among other expenses. Dues will be paid monthly or annually on a date determined by the association.
While homeowners pay one fee and are required to maintain their own house, condominium owners would be required to pay both the HOA fee and a second fee related specifically to the maintenance of their condominium building. All three floor condominium buildings will be grouped together, and all six floor condominium buildings will be grouped together. These fees would cover maintenance and repairs to each respective group of condominium buildings much like individual homeowners must pay for maintaining their individual house. By grouping types of buildings together, it reduces the risk that one building’s homeowners would have to come up with a large individual special assessment. And example would be if an elevator needed to be replaced.
Electric bills, phone, water, and internet would be paid by the individual home or condominium owners. Trash collection would be covered by the HOA’s. A small portion of the HOA fee subsidizes the maintenance of nature reserve, golf course and equestrian center. This fee is to ensure that these areas are maintained at the highest standard and even though not everyone uses these facilities, they all benefit from their existence and quality.