|
Hillwilliam -> RE: homeowners associations (7/13/2011 7:25:33 AM)
|
quote:
ORIGINAL: Arieno
One has to remember Condominium Associations and Home Owners Associations are governed by two different statutes and the content of those statutes very state by state. In addition Sunshine Law’s play a significant roll but of infinitely more importance are the Association Documents and Bylaws.
Prior to the Association taking over from the Developer the industry standard and State laws provide for a not for Profit Corporation being formed and the Association Documents along with Bylaws and Rules and Regulations registered in the city, county and State the Association is located in.
Purchasers are supplied with copied of these Documents and Certified Audited Financial Statements prior to purchasing; if they decide to buy a dwelling they agree to buying into the association along with all its current and future liabilities and assets. They also agree to be governed by current Association Documents including Bylaws Rules and Regulations.
During the first owners meeting the board is elected, however, at the annual owners meeting or any meeting called by over 80% of the owners any or all of the board members can be recalled and new elections held. The Documents can be rewritten by the legal firm representing the Association if the owners collectively determine the documents are not serving them in their best interest. Rules and regulations can be rewritten too and it only tales 20% of the owners to get it on the agenda.
In reference to assessments, the Finance Committee, along with the Building Committee, the Accountant and the Management Company, present to the board proposals. Those proposals are discussed at the general meeting and ruled on, unless of course emergency exists, in that case the board votes one way or the other and keep in mind board meets are required by law to have minutes and minutes are construed as Association Documents so are availed to all residents upon request.
Never lose sight of the fact the Association is owned by the owners, if there are things in the Documents Bylaws Rules or Regulations the owners collectively by 80 % or more want changed the Association Attorneys can re write the Documents at any time providing the changes are not in violation of Codes Restrictions or Sunshine or Condominium or HOA Laws.
I have built many Condominiums and HOA Housings Developments throughout Florida and I am always amazed when I hear owners complaining about the Board. Its their Association, they are responsible, the Board is simply elected residents who are capable of recall acting on their fellow residents behalf and most would much rather be fishing.
I sold property in FL in the mid 90's. It's VERY different in different states. During that time, I ran into Condo Associations and HOA's that worked well to maximize values and some that hurt values. (Actually explained to one elderly and venal president that "something that cannot be sold basically has no value" when she was repeatedly trying to block sales in 'her' complex.)
I also sold homes in coral Gables, FL which was dubbed "The City Anal Rententive" by a local newspaper. You couldn't even paint a bathroom without having the color approved and getting a permit. For that reason, a lot of folks would look look at an info sheet and say "Oh hell no, not there" like it was overtown or something.
If people don't want to buy a home in a certain area, it hurts property values in that area.
The company I now own has been developing in TN for over 40 years. The HOA's we left behind all worked well..............initially. The smaller ones can sometimes devolve into a clique driven monarchy.
|
|
|
|
