KathyC3 (Illinois)
Posts: 4
Posts: 4
Posted:
Hi all,
I built a home in 2008 (IL) in a new subdivision; there are recorded Restrictions/Covenants, and in regards to a Homeowners Assoc, it basically talks about how the Homeowner's Association will function, and just that it "shall be formed in sufficient time to accept the rights and duties conferred upon it in this document...", but nowhere in this document does it talk about any common areas that are to be maintained. There was a subdivision entrance with some extensive landscaping the developer put in and at first maintained and apparently a "retention pond", but this developer has since gone bankrupt, and the remaining lots were sold by the bank to independent builders. And there was an entire next phase that was bought by another developer, but it is our understanding that it will not be part of our subdivision. When he bought that, it also included the area that was the subdivision entrance, and he just tore everything out. There were never any dues collected by the original developer, and nowhere in the covenants does it even say anything about any common ground. Now, the village wants to assess each property owner in our subdivision a special tax to maintain this "retention pond", but they are highly encouraging us to form a Homeowner's Association to maintain it, even saying it would be cheaper for us rather than them assessing us this tax. First, can the village assess us this fee? Since this developer, that the village approved to do this, has gone bankrupt, shouldn't they take this over, just as they do the street maintenance, etc? Obviously this retention pond was required for building code purposes. Second, we aren't entirely opposed to forming a HOA, however, we wouldn't want the responsibility and liability for this retention pond. I realize this may fall into some legal category, but any info anyone may have would be appreciated. Thanks
I built a home in 2008 (IL) in a new subdivision; there are recorded Restrictions/Covenants, and in regards to a Homeowners Assoc, it basically talks about how the Homeowner's Association will function, and just that it "shall be formed in sufficient time to accept the rights and duties conferred upon it in this document...", but nowhere in this document does it talk about any common areas that are to be maintained. There was a subdivision entrance with some extensive landscaping the developer put in and at first maintained and apparently a "retention pond", but this developer has since gone bankrupt, and the remaining lots were sold by the bank to independent builders. And there was an entire next phase that was bought by another developer, but it is our understanding that it will not be part of our subdivision. When he bought that, it also included the area that was the subdivision entrance, and he just tore everything out. There were never any dues collected by the original developer, and nowhere in the covenants does it even say anything about any common ground. Now, the village wants to assess each property owner in our subdivision a special tax to maintain this "retention pond", but they are highly encouraging us to form a Homeowner's Association to maintain it, even saying it would be cheaper for us rather than them assessing us this tax. First, can the village assess us this fee? Since this developer, that the village approved to do this, has gone bankrupt, shouldn't they take this over, just as they do the street maintenance, etc? Obviously this retention pond was required for building code purposes. Second, we aren't entirely opposed to forming a HOA, however, we wouldn't want the responsibility and liability for this retention pond. I realize this may fall into some legal category, but any info anyone may have would be appreciated. Thanks