Question:
Our HOA is very small, 8 units total. Our association has been run by the same woman for 25 years, she is now very elderly and transferring authority, with the permission of the other units, to me. The bank and the association insurance company need paperwork verifying the transfer of authority so I can get on the accounts and assume responsibility. Which template or specific paperwork do we need? Thank you.
– Melanie
Answer:
Hi Melanie,
Kindly speak with the bank and work with the former board to change signatories for the HOA bank accounts. There may also be other required documents such as the power of attorney, a letter of authorization, a board resolution, and amendments to the insurance policy. However, it may be best to work with an HOA attorney to ensure you cover all grounds in terms of documentation and transition.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
