QUESTION
Our Neighborhood HOA was disolved years ago - can the originally homeowers get their escrow monies back?
Asked on Dec 21st, 2015 on Real Estate - Pennsylvania
More details to this question:
We dissolved our homeowners association years ago. All shared property was deeded back to the township. There is no responsibilities left and the treasurer has bragged to new owners in the neighborhood that he still has charge of all the cash in our account. We had an accounts that we had to put money into upon settlement to cover common areas and insurances. The funds were never used. The treasurer still has charge of money and never gave the money back to the original homeowners that were covered in the HOA. Do we have the right to ask for our money back? And can we ask for an accountability of all the money that was spent, There is no insurances or anything left to pay for probably over 15 years. Do we just need to send a letter to the treasurer with our request?
1 ANSWER
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Wehn the HOA was dissolved, wasn't the disposition of the money in the HOA account addressed? In what way was it dissolved formally or informally? If the HOA is dissolved, I don't know how the treasurer would have any legal standing to continue holding or spending the money. Seems like there is missing information here. Yes, you can start by sending the treasurer a letter requesting that the money be distributed to the former homeowners. However, who is entitled? how will the money be allocated?
Answered on Jan 04th, 2016 at 2:20 PM