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If an HOA makes a special assessment in a given fiscal for…

Customer Question
If an HOA makes...

If an HOA makes a special assessment in a given fiscal for repairs that haven't and didn't get spent for is there a law or stand practice that the funde need to be returned rather than just added to the coffers. When I was president of the association we had a large road special asseSsment and funds remains had to be refunded. Colorado

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state the association is in?

Colorado

Lawyer's Assistant: Has any paperwork been filed?

For?

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not at this time

Submitted: 9 months ago.Category: Real Estate Law
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Answered in 54 minutes by:
9/14/2017
Real Estate Lawyer: Barrister, Lawyer replied 9 months ago
Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 42,154
Experience: 17 years real estate, Realtor. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

.

There is a specific CO law dealing with HOAs that specifies what has to happen to any surplus funds or overages in the HOA accounts. This law is found under the Colorado Common Interest Ownership Act and states that any surplus funds have to be refunded proportionally to the homeowners. See CCIOA Section 314.

.

38-33.3-314. Surplus funds. Unless otherwise provided in the declaration, any surplus funds of the association remaining after payment of or provision for common expenses and any prepayment of or provision for reserves shall be paid to the unit owners in proportion to their common expense liabilities or credited to them to reduce their future common expense assessments.

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.

thanks

Barrister

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