POA currently in default, should we dissolve

We just purchased a property in a POA in Virginia. It consists of 4 single family homes with no community property or services. It was required by the city as a condition of development to maintain a drainage easement along the back edge of each property. The builder did not finish the final home and we purchased in foreclosure. The POA was established by the builder by was not maintained or turned over to the membership. It currently is not being managed and we are trying to sell our property. We cannot provide the buyer or their settlement agent with the documents they are requesting. We are at loss for what to do next. As a member, what are we required to do? What are we required to provide to the buyer regarding the POA? We didn't create the mess and don't really want to clean it up.

Also, the CC&Rs state that if the POA is dissolved that a certain provision will survive and become a deed restriction on each property giving the city the right to maintain the drainage easement and pass the costs onto each property owner as an assessment. Dissolution seems like the best choice since that is the only reason the POA was established anyways.

Thoughts, Ideas...?

Jennifer

There is no resident/member POA if the builder never turned it over to the four homeowners and they established the POA in another name.

So you are left trying to find out the status of the corporation the builder filed with the State. Check to see when the last annual report was made to the state.

Yes - find a lawyer who specializes in HOA real estate law.