![]() As the builder, they are also responsible for creating long-term sustainable plans, such as a reserve fund that will pay for needed repairs and routine replacements or maintenance, a stormwater management system that will work, and covenants that will protect the quiet enjoyment and home values of neighbors. They are responsible for holding meetings, setting and enforcing rules, maintaining common areas, collecting assessments, and other typical HOA functions. If your home is part of a new development, then the seller is known as the “Declarant.” Until 75% of the lots are sold to homebuyers, the Declarant is still in charge of the HOA. ![]() If you are a new or expanding community, here are some important things for you to know about your rights and opportunities during the transition process under the Maryland HOA Act (note – check your state statute for specifics). Instead, they end up with insufficient information and do a lot of this work in the dark, only addressing some of these issues after the statute of limitations has run, or as problems arise. Yet time and again, owners are not provided with the information, guidance, and counsel needed to make good decisions and take advantage of this moment. Turnover of the property from the Developer to the owners themselves is an absolutely critical time for the health of the Association. And it is yours! Now it is time to protect that investment and turn your community into your village. It is brand new, and you worked with the builder for months, agonizing over each critical detail.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |