HOA Questions
Our HOA Manager has said the HOA will be turned over to the homeowners in 4 years. Nothing they have told us to date has been factual. There is always something lingering.
Since this announcement, what can we legally ask for in records. For two years running we have run a surplus of funds in hundreds of thousands of dollars. I am assuming the HOA owner hiding under a LLC and two LLLP is probably investing the funds and taking his cut.
We were given a 2023 Operating Budget but nothing else. What can we ask for and achieve,
Bill
About Post Author
1 Response
Leave a Reply
You must be logged in to post a comment.
William,
Under declarant control the issue is foggy at best. If the declarant manages the associations finances as a separate entity you can ask for any association. Financial records. But if the declarant manages the association finances as a group of developments or as part of his own corporate records that you have absolutely no access to those independent records. Basically under declarant control all bets are off and you are up to the will of the declarant and the laws provide you little to no recourse. Such is the power of the home builders association. The CC&R’s will define when the period of declarant control ends not the declarant. This is usually defined by the period of class B membership in most CC&R’s. You may want to check that out and be very careful of any attempt of the declarant to modify the declaration to change this provision. Under ARIZONA law it would require unanimous consent of all property owners.