Question:
Under what conditions is a declarant resign or be removed for an association?
If an Association has originally opted out of requiring a statutory reserve what situations would ever require a statutory reserve?
– Vyren
Answer:
Hi Vyren,
A declarant’s control over an association is typically outlined in the association’s governing documents. This control period often lasts until a certain percentage of units are sold or a specific time frame has elapsed. During this period, the declarant may have the authority to appoint or remove board members.
The declarant may resign by assigning their rights and obligations to another party through a recorded amendment to the declaration. Removal of a declarant, however, is more complex and would depend on the specific terms set forth in the governing documents.
Wisconsin does not have a statutory requirement for HOAs to conduct reserve studies or fund reserves.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
