What are the requirements for HOA records and documents?

In Delaware, Homeowners Associations (HOA) are required to keep certain legal documents and records in order to be in compliance with the Delaware Code. First, the HOA must maintain a binder or file containing all of the legal documents that establish the HOA. This includes the deed of trust, articles of incorporation, bylaws, and any other documents related to the creation of the HOA. Second, the HOA must maintain records of all meetings of the board of directors and any other committees of the HOA. These records must include minutes of the meetings and any motions and resolutions passed during the meetings. Third, the HOA must maintain a current list of all members and their contact information. This list should be updated whenever a member is added or removed from the association. Fourth, the HOA must maintain records of all assessments, fees, and other charges imposed on members. This includes invoices, receipts, and payment records. Finally, the HOA must maintain records of the financial status of the HOA and its financial transactions. This includes financial statements, budgets, and bank records. By keeping all of the required records and documents, the HOA can ensure that it is in compliance with the Delaware Code and is able to better serve its members.

Related FAQs

How can an HOA increase homeowner participation?
What is an HOA reserve fund and how does it work?
What is the procedure for appointing a receiver to oversee an HOA?
Can an HOA require its owners to use certain professionals for repairs and maintenance?
What are the remedies if an HOA breaches its fiduciary duty?
What are the requirements for HOA compliance with the Americans with Disabilities Act?
Who can be held liable for HOA negligence?
Can an HOA make me pay for damage to common areas?
Can the HOA deny my request for an architectural modification?
Can the HOA board take decisions without members’ consent?

What are the requirements for HOA records and documents?

Related FAQs

Related Blog Posts