QUESTION
"Dues to a subdivision HOA are voluntary, dues to a condominium association are compulsory". Is this true if the sub HOA is a 1965 nonprofit?
Asked on Aug 16th, 2024 on Real Estate - Michigan
More details to this question:
I serve as treasurer for my subdivision and have 4 hard line "no's". The HOA was established as a nonprofit in 1965 by the warranty deed. The nonparticipating residents claim a real estate agent has told them dues are voluntary for a sub HOA. Is it true or is there a reference that defines when the HOA for a sub is voluntary or involuntary?
1 ANSWER
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The realtor could not be more wrong.
HOAs can and do foreclose on properties all the time. If they do, you can expect to pay ALL the attorney fees AND any amounts due (including penalties, late fees and all related costs).
Voluntary? Not really.
If you are lucky, all the HOA will do is put a lien on the property that gets paid when the property is sold. If they decide to foreclose, they can and will take the property.
Answered on Aug 18th, 2024 at 9:15 PM