Question:
Where do I start if our HOA wants to transfer common area property to a different HOA next to us.
– Jamie
Answer:
Hi Jamie,
If the HOA is incorporated as a nonprofit, you may refer to the provisions within the Nebraska Nonprofit Corporation Act Section 21-19,126. The section specifies that the action must be voted upon by the board and HOA members. It also outlines other voting requirements.
You may also refer to the governing documents to see if they outline any requirements or procedures regarding the sale of common elements. There may be a need to modify the community plat as well. They may also include provisions regarding how to distribute or use the funds. In addition, it may be best to have a good understanding of the zoning or density requirements associated before selling the property. For further guidance, kindly consult a lawyer.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
