Can your HOA buy property surrounding the development

Started by MikeC11 • 5 replies • 2720 views

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MikeC11 (North Carolina)
Posts: 10

Posted:

Our developer is auctioning off platted lots and some unplated acreage. The platted lots would have to follow design standards in our existing covenants. Could we buy the unplatted acreage in order to have keep the same type of design standards ?

MelissaP1 (Alabama)
Posts: 13,836

Posted:

Are you non-profit or for-profit corporation? Is your HOA still controlled by the developer? Does your HOA have the funds or able to get a loan for the purchase? Is there a majority of homeowner's interested in the purchase? If so, would they consider a special assessment or take on loan payments to do so?

These are the questions that need asked before proceeding. Plus would the new addition be included in the HOA and documents updated to include them?

Former HOA President

SteveM9 (Massachusetts)
Posts: 3,699

Posted:

Quote:

Could we buy the unplatted acreage in order to have keep the same type of design standards ?

Sure. If its properly voted on and approved by your members.

Is your HOA going to go into the business of selling real estate or building houses?

TimB4 (Tennessee)
Posts: 21,059

Posted:

Typically yes, but check your governing documents to see if it's prohibited.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Is this outside your subdivision?

If not, the unplatted land would have the same CCRs running with the property. The size of the platts could be different, but the CCR's would apply.

Where exactly is this property you are talking about?

SusanW1 (Michigan)
Posts: 5,202

Posted:

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