Who regulates HOAs in Alabama?

Who regulates HOAs in Alabama?

Who regulates HOAs in Alabama? HOAs are not regulated in Alabama. New HOAs formed after January 1, 2016 are required to file certain disclosure documents with the local Probate Judge’s Office for them to transmit to the Secretary of State for posting here.

What happens if you don’t pay HOA fees in Alabama?

If you fail to pay your HOA or COA assessments in Alabama, the association can get a lien on your property and might foreclose on your home. Most HOAs and COAs also have the power to get a lien on your property if you become delinquent in assessments.

How much are HOA fees in Alabama?

Filing Fees

File with Secretary of State Fee
Name Reservation $25.00 (+$3 online)
Certificate of Formation $200.00
Additional Required Supplemental Filing * $50.00
(* These documents are required to be filed separately with the Secretary of State)

Can Hoa be dissolved?

Many HOAs are nonprofit corporations and as such can only be dissolved by following the state’s rules for the dissolution of a nonprofit corporation.

How do I know if my HOA is healthy?

How Do I Know How Healthy an HOA Is?

  1. #1. Take a look at the landscaping and outdoor maintenance.
  2. #2. Ask to see the associations budget and reserve study.
  3. #3. Talk to the property management company.
  4. #4. Review the covenants, conditions, and restrictions also called the CC&Rs.
  5. #5. Talk to current homeowners.

What is a balance sheet for HOA?

The Balance Sheet: The balance sheet is the report that gives the association’s financial condition. A comparison of the assets of the association minus the liabilities gives the association the net worth. This is the report that shows how much money is actually in the association’s bank account.

How much equity should an HOA have?

Recommendation D: 10-20% of the total annual assessment amount in is reflected in Prior Year Equity (this is a recommendation that auditors make so that the association has a “cushion” in the event of a major unanticipated event).