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Irwin Law
Irwin Law, Lawyer
Category: Real Estate Law
Satisfied Customers: 6854
Experience:  Lawyer- Broker 30+years - foreclosure, short sale, liens, title attorney.
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Our HOA Board settled a construction defect lawsuit about 10

Customer Question

Our HOA Board settled a construction defect lawsuit about 10 years ago ($600K+), never told us when and where the monies would be spent, and we found out last month at an HOA meeting (first one in three years!) that they have kept the money in a bank account that we knew nothing of, and will not let us see a bank statement when we asked for one.
What recourse do we have?
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Irwin Law replied 1 month ago.

THe HOA Board has the authority to make rules and regulations governing the finances of the organization. In 2014, the California legislature passed the most comprehensive HOA annual disclosure requirements ever seen. I suspect that a large percentage of California's HOAs are still unaware of this legislation. See:http://www.calassoc-hoa.com/Homeowners-Association/Annual-Disclosures.aspx. Also, the board may well have committed acts of negligence in holding the money at little or no interest in a savings account in the bank. With only 16 units, it should be fairly easy to get a group together to approach the board as a unit and demand these disclosures. if the board continues to resist, your group might be able to move in on the next election and take over the b

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oard. There is also the possibility of a lawsuit to force financial disclosure.

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