Question:
In the State Of Virginia, what happens to excess monthly HOA dues in the event that annual HOA expenses come in under the annual budget?
– Richard
Answer:
Hi Richard,
It depends on the association. Make sure to check your governing documents for guidance on what you should do with surplus funds. That being said, there are a few options. The HOA can return the excess funds to the homeowners, credit the funds to the homeowners to offset the next payment of dues, or deposit it into the reserve account.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
