Our HOA has absolutely no common property, no contracts, etc., so dissolution would be fairly simple. If the corporate entity is dissolved, does the declaration remain in force? Does the Association specified in the declaration still exist, and if so, what does that imply? Does there continue to be a board? Can the corporate entity be reformed? Are there any pitfalls? Do lenders or the municipality have to approve? Does it make it more difficult to get a loan for a home in the HOA? Are property values affected?
This is a matter that you should address with an experienced real estate lawyer in your area. Many of the specific answers depend on the wording of the declaration. That being said, if the HOA is a voluntary association, dissolving it will be relatively easy and have little impact on the community. On the other hand, if the HOA is mandatory, it will be a much more difficult process.
Disclaimer: This answer is provided for informational purposes only, does not constitute legal advice, and does not create an attorney-client relationship. Actual legal advice can only be provided after completing a comprehensive consultation in which all of the relevant facts are discussed and reviewed.
I agree you need to see an attorney in person. By the governing documents are there mandatory HOAs and voluntary HOAs by statute. This needs to be determined first from a review of the governing documents before the question goes any further.
Information posted or made available on or through this site is not intended as legal advice or to create an attorney-client relationship between you and any attorney. You should consult an attorney for advice regarding your individual situation since every case is different and not all information is relayed in an online question. Klurfeld & Associates, P.A. is a real estate and general practice law firm located in Davie, Florida. Please note the contacting us does not create an attorney-client relationship until our firm is officially retained.
I chime in as well that this issue requires a meeting with a HOA attorney to review the documents and make a proper determination. To answer one of your questions, there has been a study which showed Florida HOAs have a tendency to decrease property values, not increase them. Funny we fight so fiercely to keep the HOAs.
This communication is not intended to create an attorney/client relationship. It is always recommended you consult an attorney in person to discuss your case.
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