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How to stop an HOA from blowing a quater million bucks
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Norminn
Posts: n/a
How to stop an HOA from blowing a quater million bucks
wrote:
"Larry, besides the HOA documents there can be a big impact by state
laws.
Since you did not specify the state and did not describe the property,
(condo, coop, or individually owned) all the answers that you have so
far
are meaningless. "
Not very likely. Do you know of any state where a condo board is
restricted by law from making repairs to the property that they deem
necessary? State law typically calls for things like open meetings,
access to records and the like, but doesn't get involved in what are
business decisions.
It can be tricky. There is, I believe, a percent limit on how much a
condo assn. in Florida can raise it's budget, but no limit I know of on
"special assessments". There have been a couple of large HOA's in FL
with major construction defects not discovered for several years and
requiring repairs that approached purchase price of homes. Same builder
has a condo in my area with major construction flaws, discovered much
sooner. About 4 years old, has had tarps and scaffolding all over it
for about the past year. Their condo board president is an attorney
)
I hope they take that particular builder to the cleaners and leave
him there, naked.
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