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HOA in Florida, the HOA budget has been kept artificially…

This is for an...

This is for an HOA in Florida, the HOA budget has been kept artificially low for years, some line items such as taxes on the gym have not even been budgeted. Our docs say to raise the budget over 5% we need 2/3'rds of the owner, our attorney says since it hasn't been raised since turnover we need to budget accordingly which would be about an 18 - 20% increase. Is our attorney correct that our fiduciary duty allows us to raise dues this amount with a 2/3 vote of the owners? Developer just left Board Jan. 2017. State of Florida.

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

Florida

Lawyer's Assistant: Has any paperwork been filed?

What kind of paperwork?

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Answered in 13 minutes by:
10/30/2017
legalgems
legalgems, Arbitrator
Category: Real Estate Law
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The governing documents of an HOA serve as the contract between the HOA and the homeowners. This in effect sets forth the rights and obligations of the various parties.

Typically it is the CC&Rs that set forth any limits on assessments and dues. Generally limits on annual increases are seen in older documents. If there are any set limits, those are controlling and the board must comply with the limits and conditions as set forth in the CC&Rs. However, these can be amended to increase the limit and this, per 720.306(1)(b) of the Florida Homeowners Association Act, requires a 2/3 vote of the entire voting interest- unless otherwise provided in the documents or required by law.

Once that is amended, then the increased limit would take effect.

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