I live in a 2 condo building. I own one of the units. The other unit was sold 3 months after I bought mine. So both owners are first time homebuyers.
We have ccnrs for the building and HOA insurance policy in the name of the building but don’t have a formal HOA that can be linked to a bank account in case we need to cash a check from insurance.
Currently we have a personal account in the bank, shared between the owners, to manage our informal HOA funds.
What is the best way to formalize this without attaching personal owner liability?
It is best to formally create the homeowners association and open a bank account under the association’s name. California Civil Code Section 4200 tackles the creation of common interest development and what the requirements are. It is best to have a lawyer assist you with this process.
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