Transcription:
00:00:04 your HOA may be able to raise fees without a vote of the membership now there’s separate different types of Assessments that can come into play within an association the first one is regular monthly maintenance regular monthly maintenance is allocated through the budget the budget is completed usually at the time of the election during the annual meeting now other issues may come up during the existence of the association that may require additional maintenance as it relates to the property for instance if there’s
00:00:41 some deterioration of the roof or deterioration of the parking lot uh that may affect many of the homeowners and the association may not have accounted for that in their budget as a result they may need to pass what’s called a special assessment now A special assessment often times does not need a vote but sometimes it does need a vote the law provides that in the event that there is a material alteration to the association then the membership the homeowners need to vote to approve any increase as it relates to assessments
00:01:17 for the property thus the association may need to have a meeting and a vote to increase the assessments that homeowners may need to pay through a special assessment
This transcription was AI generated
