• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Intentionally Low HOA Dues by Declarant

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

The AllKnowing

Junior Member
What is the name of your state (only U.S. law)? Arizona

Will attempt to explain. The company that converted the present condo complex from an apartment complex to a condo complex, they were(in all appearances) in a hurry to sell the remaining units before the bubble busted. In order to entice investors(and to hurry up the process of selling), they kept the HOA dues very (unrealistically) low and as such the reserve funds were practically non-existent as most all of the money from the low HOA dues were used as operating expenses.

With this in mind, can the company that did the converting be held liable for any of that past action on their part?What is the name of your state (only U.S. law)?
 


FlyingRon

Senior Member
Happens all the time. The declarant (condo or otherwise) doesn't have much of an operating expense out of the gate.
 

ucf

Member
Developers subsidize/defer mtnce on HOA's/Timeshares all the time in order to sell out more units.

As part of your due diligence you should have known that your dues were below market averages of your area when your purchased.
 

butterflyrodeo

Junior Member
In Nevada, the Declarant is legally obligated to fund the HOA for a specific amount for each property. Does your state have this statute? Call the your Department of Real Estate for the statutes.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top