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Does the treasurer of a homeowners association need to be bonded?
Wiki User
∙ 9y ago
Your answer depends on the nature of the association and the reputation of the treasurer.
Really, you're asking about the person who handles assessments and invoices and checks.
Money is at the heart of any association, and every board is advised to form a finance committee -- as a form of checks and balances, to oversee association accounts.
It's far too easy for the person with a signature on an association bank account -- regardless of that person's position -- to abscond with association funds. The Horror stories are endless -- individual losses in the hundreds of thousands, even millions. As well, the association may not be insured for such a loss. Rare is the association that can afford such a financial hit.
The savvy board understands its financial vulnerabilities and takes steps to protect its cash assets.
Wiki User
∙ 9y ago
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Should Homeowners Association be capitalized in a sentence?
If the title 'Homeowners Association' refers to an actual association, then yes. It is the name of a registered association, and is therefore a proper noun. All proper nouns should be capitalised.However, if it is used as a general term, e.g. "Are you part of any homeowners association?" then it does not require capitals.
Is an homeowners association need to be listed as a deed restriction?
Not necessarily. However, the covenants authorizing the association would need to be in your title policy.
Does a homeowners association need to file income tax returns?
Generally, yes, especially if the association is any kind of corporation.
Do you need a permit to build wood shed?
depends on your town or neighborhood. but most do need them nowadays call your village hall and ask for the building department. if you live in a homeowners association, there will be more rules you need to follow, call your association also.
How is a Homeowners Association formed in an existing subdivision?
To form a Homeowners Association in an existing subdivision, a majority of the homeowners in the subdivision typically vote to establish the association. The process usually involves gathering support from homeowners, drafting and adopting governing documents such as bylaws and covenants, conditions, and restrictions (CC&Rs), and registering the association with local authorities if required. It is essential to consult with legal professionals and follow any state or local regulations regarding the formation of homeowners associations.
Is it illegal to install speed bumps in a Florida homeowners' association?
No, it is not illegal to install speed bumps in a Florida homeowners' association. However, there may be specific regulations or guidelines that need to be followed in order to install them. It is best to check with the local government or the homeowners' association for any specific requirements.
Would a homeowners association need to have trustee?
The term 'trustee' may be representative of the leadership required for the association. The association represents all owners who own real estate in common. Often associations are multi-million dollar ventures and require leadership.
Do cleaning people need to get bonded?
Cleaning personnel should be licensed and bonded. Anything they may break would be covered by their bond, however, if you have any form of homeowners insurance, any bodily injury would be covered by the limited Worker's Compensation that is included in your policy.
How much commercial general liability coverage does a homeowners association need?
The amount of commercial general liability coverage a homeowners association needs can vary based on factors such as the size of the association, number of members, and potential risks involved. It is recommended to consult with an insurance professional to assess the specific needs of the homeowners association and determine an appropriate amount of coverage.
Does homeowner insurance cover a contractors mistake?
The contractor should be bonded and carry liability insurance and you need to require proof of this before they start. Homeowners insurance is not meant to guarantee work on homes.
How can a homeowners association vacate their subdivision covenants?
In order to vacate subdivision covenants, a homeowners association would typically need to follow a legal process. This may involve obtaining approval from a majority or supermajority of homeowners, consulting with legal counsel, and filing a petition with the appropriate court. The specific steps and requirements will vary depending on the jurisdiction and the language of the covenants.
What type of policy is required for a detached unit in a cluster development with a homeowners association?
Your governing documents hold the answer to your question. You can also contact your board and request an answer from the board. Finally, your insurance agent can work with the association's agent, to determine the coverage and policy you need.
