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Can a board of an HOA buy a house and rent it out and

Customer Question
Can a board of...

Can a board of an HOA buy a house and rent it out and collect rent and then sell the house without notifying any of the 385 other homeowners

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

South carolina

Lawyer's Assistant: Has any paperwork been filed?

A deed was files in 2014 when the HOA bought the house from auction and have been having the taxes paid out of our HOA fees and then deed sold to a bank in 2017

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

No just not sure if that is legal to do because they bought the house for 3000 ( which I assume was back taxes) then sold it for only 2500 the house was worth over 110,000

Submitted: 5 months ago.Category: Real Estate Law
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Answered in 7 minutes by:
11/20/2017
Real Estate Lawyer: Law Educator, Esq., Lawyer replied 5 months ago
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 123,242
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

Yes, when a board acquires a house for the HOA, the board has the power of management of the daily operations of the HOA, so unless the bylaws say otherwise, the board can sell the property off. If your bylaws say that the board cannot buy or sell property without approval of the membership, then the sale of the property would be contrary to the board's authority and the board could be held liable for violating the bylaws. IF the home was bought for $3000 and sold at a loss, then the board could also possibly be liable for breach of duty to the association for selling it for less than they paid causing a loss to the association and liable to the association personally for that loss.

So you need to go back to your bylaws and you need to see if they say the board cannot buy or sell property without a vote and if the bylaws say that, then your board acted without proper authority and you can pursue the board in court, which would require a local attorney to do.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

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Category: Real Estate Law
Satisfied Customers: 123,242
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Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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