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Who is responsible for changing the ownership name from developer to homeowners association on condo docs in NH?
Wiki User
∙ 11y ago
Read your governing documents where you will find a definition of the transition process, where the developer -- declarant -- transfers control of the project to the control and management of the association by its owner-elected board. Lacking the inclusion of this process in your governing documents, read your state law. You can follow the link to it, below.
This is also a process best accomplished under the guidance of an experienced association management company and an association-savvy attorney, to insure that owners receive all of the materials due them under state law from the developer at this critical benchmark in the life of the association.
Changing the ownership name is one of the tasks to be accomplished in this transition.
Wiki User
∙ 11y ago
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Life estate ownership in a Homeowners Association - do you have the right to vote at the annual meeting?
Read your governing documents to determine your voting rights. There is no standard.
Can homeowners association request for turnover or transfer of common facilities in the subdivision from the developer?
Yes, homeowners associations have the right to request for the turnover or transfer of common facilities in the subdivision from the developer. This is typically outlined in the governing documents or bylaws of the association. The request may involve following a specific process or meeting certain criteria set forth by the association or local regulations.
Is a HOA responsible for taking care of vacant property?
Whether a homeowners association (HOA) is responsible for taking care of vacant property depends on the specific rules and regulations outlined in the association's governing documents. Some HOAs may have provisions that require them to maintain and care for vacant properties to uphold community standards, while others may place the responsibility on individual property owners. It is advisable to consult the HOA's governing documents or seek clarification from the HOA board to determine their specific obligations regarding vacant property.
Why do you need a homeowners association?
Common Interest Communities, including HOAs, condominiums and co-ops, are a form of real estate ownership. This real estate ownership scheme is dictated by the land-use developer, who files the covenants, conditions, restrictions and reservations with the local land-use office. Typically, the association owns key parts of the property -- such as exteriors, or owns amenities, such as the golf course, pool, clubhouse, community parks or roadways. Association ownership is divided among all owners based on allocated interest. The association's responsibility is to protect, maintain and preserve real estate values. Operationally, it is generally incorporated and must function as a business. This means financial reports, board meeting minutes, notices to shareholder/owners and so forth. If you derive no benefit from common interest community real estate ownership, you are best advised to purchase a single family home.
Is a home owners association responsible for electrical cables?
Read your governing documents to determine who owns the subject electrical cables. Your local electric supplier may also have documents you need to review to determine ownership. There is no standard. For example, as an owner, you may be responsible for the cables contained within your unit boundaries. If your unit boundaries extend beyond the sheetrock and include 'the studs and all assets running through the studs', then you may be responsible for them. If the subject cables are buried underground and lead to your townhouse, the local utility may be responsible for them. If your governing documents specifically include association ownership of electrical cables, then the association is responsible for them.
What determines the transfer of ownership from the developer to the condominium association?
Depending on the state where you live, there are official documents that must be prepared and presented to the association from the developer at the end of the 'declarant control period'. As well, the public offering statement given to each buyer of a new unit by the developer clearly spells out the several scenarios that can mark the end of the period. It may be some number of years after the first sale; some number of years without adding new units and so forth. Primarily, it is imperative that the developer turn over plans, warranties, designs, and so forth, to the association, so the association can maintain its real estate assets. This is an official step that is best taken with the guidance and leadership of counsel.
Should a condo HOA paint and maintain exclusive use areas?
If the association owns the exclusive use areas, then the association is responsible for the maintenance and upkeep of those assets. Read your governing documents to determine the areas' ownership.
Is the theft of a dog insured by homeowners policy?
No, homeowners insurance is Property Insurance, it does not cover loses or damages resulting from our choice of pet ownership.
When one makes an offer to buy a home that is in short sale and the current owner owes a balance for failing to pay his homeowners association dues who is legally responsible for the debt?
Properly, the association could have filed a lien on the title against the original owner before the assumed bank foreclosure. Once the bank assumed ownership, and for the duration of their ownership, the bank is responsible for assessments. Your short-sale documents should be clear about your obligation -- if any -- to pay any past-due assessments, and/or how those monies can be deducted from the proceeds of the short sale. Without a clear paper-trail as to your obligation, you may not be responsible for past-due accounts. Your personal common interest community attorney will be best prepared to review your short-sale documents and advise you.
How do you apply to be a member of the national rifle association?
Call them and ask them to send you an application. You must pay dues and pass their Firearms Safety Course. They are all about responsible gun ownership.
Who pays cost to maintain storm drains in a homeowners association situation?
Your answer depends on who owns the storm drain. Some municipalities honour their ownership of storm drains beginning at some boundary, that may be heretofore unknown. The association is responsible to maintain storm drains that it owns, again, beginning at some boundary, that may be heretofore unknown. This gnarly question rarely surfaces unless there is damage, in which case, the boundaries become known and future maintenance is performed as required.
Are prescription eyeglasses covered by homeowners if destroyed by the dog?
Homeowners insurance does not provide coverage for normal and expected damages that can arise incidental to our choice of pet ownership.
