Question:
I am the developer of a small community. The community is only about 45% sold out. There are HOA covenants and restrictions in place from the developer I purchased the community from. However there is no specific language stating as the developer I am required to send a yearly income and expenses report to the homeowners. As you can imagine I have a resident that wants to know everything from dues received to payments made for repairs, utilities etc. I am just trying to find out if I am required to give any of that information out. Especially considering there actually is not a true HOA at the moment. Once we sell 75% of the development the management of the HOA would be turned over to owners. According to the covenants and restrictions. Any help would greatly appreciated.
– Blake
Answer:
Condominium associations and homeowners associations are required to make certain records available for examination, as per Section 47C-3-118 and Section 47F-3-118 of the North Carolina Statutes, respectively.
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