How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RealEstateNate Your Own Question
RealEstateNate
RealEstateNate, Lawyer
Category: Real Estate Law
Satisfied Customers: 10686
Experience:  Nearly 8 years advising clients on real estate matters.
11217539
Type Your Real Estate Law Question Here...
RealEstateNate is online now
A new question is answered every 9 seconds

what NY statute states that a HOA of a condominium does not

This answer was rated:

what NY statute states that a HOA of a condominium does not have to be unincorporated?
My name isXXXXX have been a licensed attorney for over ten years and will be assisting you today.

That would be highly unusual. Just so I have a certain grasp on the legal issues here, what exactly is the background to whether or not the HOA is incorporated?
Customer: replied 3 years ago.

I am on the board and trying to get the building FHA approved. HUD is requesting a letter asking if the HOA is incorporated. If not, what statute shows that. HOA are allowed not to be incorporated but I need the statute to show HUD. I can locate it

Customer: replied 3 years ago.

Are you working on an answer

New York law on the formation of HOA's can be found here

http://www.ag.ny.gov/sites/default/files/pdfs/bureaus/real_estate_finance/part22.pdf

Title 13, Part 22 of New York Codes, Rules and Regulations governs the formation of HOA's. Though the rules imply that HOA's are to be incorporated, it does not explicitly say they must be. There is no provision in the law requiring the HOA's be incorporated.

That said, you are certainly better off incorporating and I would encourage you to do so. If just one unit owner / occupant does something dumb and causes damages to someone else, every other owner is potentially personally on the hook for their negligence and actions. If you are incorporated, only the HOA would be potentially liable, not the individual members. It only costs $135.00 / year to incorporate - it's well worth it for the protection.

If you have more questions please feel free to ask. I'll be happy to answer them. If you do not, please do remember to rate my service in assistance to you today.

Thanks!
Nate
RealEstateNate and other Real Estate Law Specialists are ready to help you