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Must a Home Owner's Association have its own account, or may…

Must a Home Owner's...

Must a Home Owner's Association have its own account, or may the attorney collecting the levies use his normal trust account for levy collections and the keeping of the levies?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Oh dear this must be a USA service. I am asking about South Africa

Lawyer's Assistant: Has anything been filed or reported?

The trustees get a statement of levies collected and the levy amount in trust

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

Due to the fact that the lawyer uses his normal trust account, no financials are done specifically for the Home Owner's Association. I feel all Home Owners should have access to this information and that financials must be done

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Answered in 19 hours by:
1/14/2018
CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 1,691
Experience: BCom; LLB; Masters in Law
Verified

Hi there and thank you for your question,

I am a practicing attorney based in South Africa and I will try to assist you with your legal question but please feel free to ask as many follow up questions in order to clarify your initial question. If you have a new question, you must please open a new thread.

Typically a HOA's constitution will say that the HOA is required to open its own banking account in order to operate, and, collect levies. But, there is nothing stopping the HOA using an attorney's trust account from collecting the levies.

If your HOA wants, it could vote for a resolution (at the next meeting) resolving to use it's own bank account instead of the attorney's trust account.

Remember, the HOA has the power to make it's own decisions and to appoint Trustees. But, the Trustees need to listen to the members of the HOA and what the member resolve to do.

Just because the HOA uses the attorney's trust account does NOT mean that financials don't need to be done. Financials should be done, whether or not a bank account is even used!

The members of the HOA should resolve (at the next meeting) to appoint an accountant to prepare financial statements for the HOA to sign off on!

If my answer hasn't provided you with enough clarity regarding your initial question, please send me a REPLY with follow up questions so that I can continue to assist you in this same thread for as long as you need. Let me know if you need more advice - don't just rate my answer as "bad".

If my are HAPPY with my answer then please click one of the STAR ratings or the SMILEY FACES to rate my answer!

Good luck and best regards,

CaseLaw

CaseLaw
CaseLaw, Attorney
Category: South Africa Law
Satisfied Customers: 1,691
Experience: BCom; LLB; Masters in Law
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Customer reply replied 4 months ago
Thank you. We need to sort these issues out at the next AGM. Another question: what happens to interest earned on an attorney's trust account? With estate agents, half of the interest is paid over to the EAAB and the agent may take the other half. Should the HOA have its own account, I assume it need not be a trust account? Can the HOA keep the interest?
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CaseLaw
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