OWNERS & RESIDENTS

As a homeowner's community, Owners share the use of Common Areas and are responsible for the upkeep of the mechanical systems and interior of their units as explained in the Rules and Regulations and Maintenance Standards. There are ample common areas around the community for residents to enjoy. Resident parking is facilitated by most units having two car garages and two additional spaces in front of their garage. Guest parking spots areas are numerous and strategically placed around the community.

The governing body is the Timber Oak Association Board of Directors assisted by a management company, which is REI Property Management of Danbury, CT. Of course, the Board of Directors and REI's activities are guided by recently updated laws applicable to condominium communities. Board meetings are held monthly with public and executive sessions during each meeting. An annual owner's meeting is held each year. Where the unit owner's ratify the annual operating budget.

Each Owner is encouraged to refresh their knowledge of their responsibilities by reading the Maintenance Standards annually. Doing so may save the Association, which is funded by monthly common charges, from unnecessary and costly repairs.

In any condominium development, funds must be set aside for future repairs and replacement as capital assets reach the end of their usable life. Timber Oak governance has established and excellent track record of increasing reserve funds on a planned replacement schedule. Further, all reserve funds are held in accounts that are guaranteed by the FDIC.

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