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Loren
Loren, Lawyer
Category: Real Estate Law
Satisfied Customers: 33042
Experience:  30 years of real estate practice experience.
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I am on a newly organized board for a condominium HOA. The

Customer Question

I am on a newly organized board for a condominium HOA. The previous treasurer had no audits for the past 8 years. The condo is in Richardson,Tx. Is this a crime?
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  Loren replied 10 months ago.
Tx law requires annual audits of the condo association finances. Failure to do so would open the treasurer and prior board to an award of damages and exposure to liability.
Expert:  Loren replied 10 months ago.
It is not a crime, but it is a breach of fiduciary duty for which the board and treasurer can be sued.
Customer: replied 10 months ago.
criminal or civil liability?
Expert:  Loren replied 10 months ago.
Civil
Expert:  Loren replied 10 months ago.
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Expert:  Loren replied 10 months ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question. Thanks.

Expert:  Loren replied 10 months ago.

If you have no further questions please remember to rate my service so that I am credited by JA for answering your question and also so that I may close the question.

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Thanks.