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Ray
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HOA - Hi, can you tell me how long they need to have financials

This answer was rated:

HOA -

Hi, can you tell me how long they need to have financials and how much info. i can get from the management? I live in a condo.

Also, is there a limit to how much they can charge for HOA?

RayAnswers :


Thanks for your question here and good afternoon.Can you give me your state so I may assist you today?

Customer:

texas

RayAnswers :

The Texas Property Code here requires the association to have a Records Retention Policy (Section 209.005(m)). Under this section an Association must adopt and comply with a document retention policy.

RayAnswers :

You can also request to see the financials of the organization under the Property Code.Here is a sample request.

RayAnswers :

There are no statutory limits on fees here.As long as the Association promulgates their fees according to their bylaws and rules they can do so.

Customer:

Hi Ray,

RayAnswers :

You may want to consider this reference.It has all the current laws, rules, etc for Texas.

RayAnswers :

And hi to you.

Customer:

Can you tell me how much info. i can get regarding the financials? is it just summary or can i also get info. like invoices
?

RayAnswers :

You would have right to inspect their books here and other financials like invoices, receipts, etc.Use the sample request and submit it to your Association.

RayAnswers :

This was part of the legislative attempt to reform them and make them more transparent in Texas.

RayAnswers :

I wish you good luck here.Thanks for letting me help.

RayAnswers :

hope that you will be so kind as to leave a positive rating. If you do have any additional questions about my answer please click the "Continue Conversation Link" so I can provide you with a fully satisfactory answer. Please be aware that any rating of 1 or 2 is reflected as a negative rating and I receive no credit for my answers.


 


Information provided here is not legal advice. Rather it is simply general information. This communication does not establish an attorney-client relationship.

Customer:

great! Thank you so much!!!!

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