Beverly_Klemzak
New Member
I own a townhome (HOA) in Martin County, Florida. After a hurricane in 2004 the damages sustained in my building (4 units) totaled $19,000+ according to the insurance adjuster from Citizens Insurance. Nothing was done by the Association to make any repairs to my unit, and to the best of my knowledge, they made no repairs whatsoever to any unit in our quad.
When the proceeds were received from the insurance company, the Association had $92,000 excess (don't know what they did with the other hundreds of thousands). They decided to keep the money in their reserve fund. they never let anyone know that in fact they received monies. At their year end audit the accounting firm advised that they needed to refund those monies to the owners. I was advised that I would be receiving $1774. The damage to my building was confined to my unit and one neighbor only, but the association has decided that the funds available are per building and that they would be equally divided, thus the $1774, even though the other two units sustained no damage and in fact one of the unit owners was not even an owner when the damages occurred.
My question is do they have the right to disburse this money in such a fashion?
Also, my sister owned one in the same community, she did sell the unit after spending nearly $10,000 in repairs but owned it well into 2005, long after the insurance monies were collected by the Association. They told her that any monies due for her building would go to the new owner....does not seem right........help us
When the proceeds were received from the insurance company, the Association had $92,000 excess (don't know what they did with the other hundreds of thousands). They decided to keep the money in their reserve fund. they never let anyone know that in fact they received monies. At their year end audit the accounting firm advised that they needed to refund those monies to the owners. I was advised that I would be receiving $1774. The damage to my building was confined to my unit and one neighbor only, but the association has decided that the funds available are per building and that they would be equally divided, thus the $1774, even though the other two units sustained no damage and in fact one of the unit owners was not even an owner when the damages occurred.
My question is do they have the right to disburse this money in such a fashion?
Also, my sister owned one in the same community, she did sell the unit after spending nearly $10,000 in repairs but owned it well into 2005, long after the insurance monies were collected by the Association. They told her that any monies due for her building would go to the new owner....does not seem right........help us
