Editor, RHB Swamp Life
August 2, 2016
DID WE GET STIFFED?
When we signed the contract to purchase our homes in OSP, among other things, we agreed to pay $350 for Capital Projects and abide by the HOA documents. What this author expected at Turnover was a Reserve Account amounting to 88 x $350 or $30,800. Instead we got nothing in Reserves from the Developer. Their argument is that money was spent to cover deficiencies in the Operating Budget. They point out that the HOA documents allow this. Problem is our closing statement and contract for sale is in conflict with that position.
So the legal issue is which document applies? Our Treasurer, CAM, and several real estate agents side with the Developer. Since the HOA has no lawyer on retainer, we are expected to accept the consensus view. So did we get stiffed $30.8K and if we did what should we do about it?