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Yes we have been to a attorney but that does get costly - Briefly our development was built in WNC in the 80 and yes we have convents but not everyone pays - plus the developer past away in the 90 and his wife is in her mid 90's - our development has a 20+ acre lake with 33 properties - in the mountain view there are another 65 properties - roads need maintained, grass mowed plus other minor things - some pay some do not - approx. 80% of the people keep this development & lake up but others don't - we have been advised by attorney that YES we can form a HOA under the NC Chapter 47F and the 80% are for forming a HOA with dues per year. Later this month we are going for a vote but would like to have a legal ballot (attorney Fee if he draws up a ballot) and then the attorney would files all the necessary documents for us - does anyone know if there is a legal HOA ballot to cover the NC Chpt 47?? We are trying to cut legal fee's by doing some of this ourselves
To form : Get an EIN. from IRS, form a LLC. (Sec. of State,NC). At tax time you will need to request to use form 1120-H, make sure you have all the correct info to send to IRS. . All can be done on line except sending Docs. to IRS.
Voting can be done using a free service on internet, 50%+1 need to approve formation. Changes in 47f really only effects HOA's formed after 1999
Since you say there are covenants make sure you have them and they are in the County Records (can view them on your county website). There should be rules on how large your Board needs to be and when meeting can be held and how many need to be held per year. There may be a starting dues amount listed, Also you may need to create By-Laws.
why not take legal action IAW the covenants? did that not work? If filed, liens, etc? Is none a county/real estate tax action? Do the covenants expire? Don't the deeds cover the transition from developer to community? Or are you in a rural development where each is responsible for their own?
just curious, since anyone would want roads maintained etc and they bought within deed/covenant requirements and have an obligation to follow that.
Many people don't like an HOA and all that goes with it coming in after the fact . We had a poster not long ago bring that up.
it does sound like there is a problem with your community. Good luck however it turns out.
BOSS - I don't know enough about LLC can dues and liens be done - as we have some people that just doesn't care only about themselves - yes we have a tax number already - after many visits with a attorney we were advised to form a HOA here in far WNC as the developer pretty much left us on our own - he past many years ago and his wife is up there in years. There also is a 22 acre lake that 30 people live around it and about 60 in the development that wanted mountain property. There are 80% that want a HOA as it has some teeth to it and that is what the attorney said so that is why we are going that route.
LLC easy and cheapest way to go. Non Profit status has more paperwork and I would suggest letting Lawyer or Acct. handle . Your Covenants should have the outline for what you can do and not do.
An LLC can create leins, collect dues, sign contracts, make repairs,purchase liability Ins. for common areas as well as board members.
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