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Legal guidance please: I am in process of listing my

Legal guidance please:I am in...
Legal guidance please:I am in process of listing my townhome for sale.In the pre-listing diligence work, my realtor discovered yesterday that the HOA is near insolvency at $400, rather than the required minimum of approximately $14,000 (designated at 20 percent of all tenants’ annual contributions).Selling my property under this circumstance has just become very difficult.I am litigation averse, but am wondering how I can probe to see whether our HOA treasurer may have an umbrella policy that might cover her breach of her fiduciary duties? (Or, whether the the HOA treasurer, a fellow tenant in our 18 unit project) might even have a professional liability policy.)Would it be appropriate to prepare a letter to her saying discovery of her breach of duty of care just occurred, and if so, should I ask what applicable insurance, if any, may exist?What else should I do or say?
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Customer reply replied 4 months ago
Virginia, by the way.
Customer reply replied 4 months ago
$400 is the total existing in HOA funds as reluctantly disclosed by the treasurer to my realtor.
Answered in 17 minutes by:
4/1/2018
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,684
Experience: Experienced lawyer
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Hoa must account for its financial situation. I think a lawyer letter is the proper move. A lawyer letter from a local lawyer can be effective in several ways. It can avoid costly litigation and help bring about a settlement. It also helps organize the claim and if it goes to court shows the judge you tried in good faith to resolve it! martindale.com and findlaw.com are both excellent lookup directories. Both highly rated. Both used by lawyers. Easy to search and find local options. Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Awaiting your reply, thank you!
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Customer reply replied 4 months ago
Sounds good and thanks
Thanks. Please select the 5 star (*****) rating on your page for the answer. That’s how I get paid by the site. Much appreciated!
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,684
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