Ill lay odds the best thing to do is to start with talking to a real estate atty in order to make sure every thing is done correctly so what ever docs must be filed for each property are done so there is no more restrictions tied to owning there and the only authority any owner would have to answer to would become the TWP ,city/ county govt like zoning dept. I dont see this as a do it your self thing , using the services of a atty will make sure it is done correctly and will not come back to haunt anyone later.
I do disagree that dissolving the HOA also means they should void any deed restrictions. Deed restrictions can still remain to provide some uniformity to the surrounding real estate. I see many older subdivisions without HOA that still retain their deed restrictions. And any owner can sue to enforce.
I would add one more thing: some subdivisions include common areas that the municipality REQUIRED as part of the subdivision approval process. Existance and maintenance of such common areas, especially green spaces may have been set out in the Developers agreement that was a CONDITION of municipal approval. If so, the association cannot just ignore those prior negotiations and requirments and must continue to comply with the terms of the developers agreement as set out. And they must make certain to jointly allocate an appropriate budget for proper maintenance of any mandated green space and signage. AND of appropriate liability insurance for such common areas.
As Stated this is NOT a DIY task. They really need a REAL ESTATE attorney, who knows enough to review all prior recorded documents and municipal demands that were set out when the project was authorized..
