HOA PENALTY FOR NOT BUILDING IN TIME
Category News
One often assumes that very harsh penalties are unfair and that a court will agree. There may be instances where this will ring true, but under the Conventional Penalties Act there is more at play than just one side's perception of fairness. This judgment is a case in point, relating to some owners in an upmarket estate who failed to comply with the building timeline provisions of the HOA constitution. Unsuccessful in their attempt to set aside the trustee committee's decision on procedural grounds, they next argued for reduction of the 'exorbitant' penalty. The Act however requires that regard must be had to the rightful interests of the creditor, the HOA in this instance, in imposing the levies and found here that no reduction was warranted. The summary below explains why.
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The Judgment
Summary of the Judgment
Author: STBB
