Q: What happens to a deed document when the developer no longer exists? who takes thier responsibilities?
I live in a neighborhood with deed restrictions. As part of the deed we have an architectural control committee (ACC) with 3 members appointed by the developer. a few years back the developer seized to exist and relinquished all legal rights in the deed. Our problems is we are now not sure who gets to appoint members to the ACC, and more generally what do we do with all the parts of the deed related to the developer? We are in the process of rewriting our deed but it will take some time to get homeowners to agree and vote on it. What happens in the interim ?
A: Once the developer no longer owns a certain number of lots - whether by sale or by dissolution - the governance of the HOA is taken over by the current owners, who will need to elect a new board and appoint members to the ACC. Check the deed restrictions and Bylaws for when this happens and how to do it.
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