Limited Expense Liability HOA's - WV

Started by RoseM11 • 2 replies • 82 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

RoseM11 (West Virginia)
Posts: 7

Posted:

Can anyone think of a positive reason(s) why a community would stay-put as a Limited Expense Liability Association instead of switching to the Uniform Common Interest Ownership Act. The developer was supposed to set this up for our community when the deed was transferred, but did not. Many years have passed.

DeanJ
Posts: 1,786

Posted:

Hard to ever to determine why someone doesn’t do something.

In West Virginia a “limited expense liability planned community” is referenced in the governing documents by Covenants that contain a cap on the annual assessment. Currently the cap is $300, but it does not include insurance or optional use fees, such as trash service, etc. The $300 cap can be adjusted by using the Consumer Price Index and applying the formula in §36B-1-114 of the Act.

So given those facts, why do they need to change?

TimB4 (Tennessee)
Posts: 21,059

Posted:

Cost.

Cost to print and mail proposed amendment to members for review prior to vote.
Cost to finalize approved amendment for filing with County
Cost to print and mail copies of filed document to members.

Possible cost of notary if your document requires signatures of each member (vs. a vote) as each signature would need to be notarized and attached to the filed amendment. Estimate $25 per signature (unless a notary will do it for free).

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here