HOA Transfer from Developer to Home Owners

Started by PaulL11 • 1 replies • 711 views

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PaulL11 (Virginia)
Posts: 1

Posted:

In the past year the HOA has transitioned from the Developer as the Board to a home owner run HOA board.
The new board did not make any adjustments to the documents nor did they have an lawyer review the documents.
I am looking for guidance on what the board should do as far as accepting the hoa bylaws as they stand or should they be reviewed by a lawyer and modified to reflect the new board?
I want to be sure that the board is with in it's legal rights to function as an HOA and represent the community.
Thank you very much
Paul

MelissaP1 (Alabama)
Posts: 13,836

Posted:

I suggest forming a committee to review your documents. Decide what changes you want made and hire a lawyer to assist in drafting/filing them. The first change would be removing all references to the developer like voting rights and addresses. This is the time for the HOA to decide how it wants to run amongst the owners. Take advantage of this time as it's a good time to get things going in right direction.

Don't worry. It's not unusual for a HOA to not change their documents after a turn over. Some may never do it. Our HOA took nearly 20 years to do it. Took us nearly 3 years and about 3K in cash. There are filing fees involved. So it's not "free". We also were able to by-pass the special meeting requirement for making the change via our lawyer drafting an additional form to sign. That let us give up our rights to cast our vote for changes at a special meeting. Some documents require this and some don't. This is helpful if yours is the one that does.

Good luck!

Former HOA President

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