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LawTalk
LawTalk, Attorney
Category: Real Estate Law
Satisfied Customers: 35309
Experience:  I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.
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We live in a area where we have an HOA. There are 43

Customer Question

We live in a area where we have an HOA. There are 43 duplexes in the Association and a total of 86 units. The current BOD has been in place for six years. They decided to temporarily terminate dues six years ago, yet there is $15,000 in the organizations checking account. They also decided D&O insurance wasn't needed nor any liability insurance. We have no common property. In order to get the HOA back to the way it should be run, we need to know if we need legal assistance. The current board was thinking of returning $200 each to the original owners to reduce the amount in the checking account. Of course that will not happen if I become President as these funds are for the Association and not prior owners. We purchased all the interest in our unit when we bought it including the HOA funds. Can you help us?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  LawTalk replied 1 year ago.

Good afternoon,

I'm Doug, and I'm very sorry to hear of your situation. My goal is to provide you with excellent service today. In order to give you a clear and concise answer, I will need some additional information about the circumstances, please.

1. What do you need help in doing? Preventing the Board from paying out funds to members on a pro rata basis based on unit ownership interests?

2. Is there something in the association bylaws which would prevent this "gesture" by the Board, in your opinion?

3. If my math is correct, doing what is planned would result in overdrawing the account by about $2,200---correct?

Doug

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