MaureenM1 (PA)
Posts: 344
Posts: 344
Posted:
Our development is being transitioned to the homeonwers and we elected a new five member board last week. At our first Board meeting one of the board members suggested transitioning without an HOA attorney. He also suggested that the builder/developer pay the legal costs of we do go through an attorney.
There are still many items that fall under the developer's letter of credit that are incomplete (the builder is threatening to sue the developer if the items are not done). The township is overseeing that the developer complete the development before this monies are released.
The attorney that we would hire wants a 2,500 retainer, however, he has experience in transitions and informed our PM that he will not go over that amount.
I disagree that we should transition without legal advice from an HOA attorney, especially with all the unfinished items that is the responsiblity of the developer.
Your thoughts are appreciated.
There are still many items that fall under the developer's letter of credit that are incomplete (the builder is threatening to sue the developer if the items are not done). The township is overseeing that the developer complete the development before this monies are released.
The attorney that we would hire wants a 2,500 retainer, however, he has experience in transitions and informed our PM that he will not go over that amount.
I disagree that we should transition without legal advice from an HOA attorney, especially with all the unfinished items that is the responsiblity of the developer.
Your thoughts are appreciated.