Question:
To whom this may concern: When homeowners don’t see their monthly assessments working for them and the neighborhood as it should,what all should we homeowners do about it? Have their Books Audited? Orville Streight
– Orville
Answer:
Hi Orville,
Homeowners can request to see the financial records of the association. If something seems wrong, the HOA may hire a third-party professional to conduct an audit of the association’s finances. For condominiums, Section 11–116(b) of the Maryland Condominium Act states:
“On the request of the unit owners of at least 5 percent of the units, the council of unit owners shall cause an audit of the books and records to be made by an independent certified public accountant, provided an audit shall be made not more than once in any consecutive 12–month period. The cost of the audit shall be a common expense.”
However, there is no such provision in the Maryland Homeowners Association Act. If you are an HOA and would like an audit, approach your board to request for one.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
