Q: We want to buy a HOA property adjacent to us. What do we do to buy? HOA board want us to find out all steps to buy.
We have maintained the HOA property adjacent to us for over 30 yrs. By-laws don't mention the sale/purchase of hoa property but amendments must pass by 2/3 vote. If a vote was passed to allow purchase, WHAT ARE THE NEXT STEPS FOR US TO PURCHASE THE PROPERTY. The board has asked us to find out the steps needed and offer no help. If we pay HOA for property, what tax fee do they take on? at what amount? Does the HOA avoid a tax for sale if it's under a certain dollar amount? Property is only .16 acers, on a lake and mostly boggy land.
Want to buy it as in 'and remove it from the HoA'?
Want to buy it and keep it IN the HoA?
Want to fraudulently report it as 'not a sale' so the HoA doesn't have to pay capital gains tax?
While the last one is 'shady and likely to end you up in hot water legally, the answer to your question depends on what you are trying to do.
The BEST answer I can offer in a public forum is 'hire yourself a real estate attorney who can read all the bylaws and rules of the HoA and the organizing documents so you can get real advice.
Anything offered 'on the internet' is going to be an off the cuff generalization that is as likely to be wrong as right, and should NOT be something you rely on. Get that local legal representation and advice. It won't be "cheap" but it will be far less expensive than you think, and WILL provide some real guidance.
Don't be 'penny wise and pound foolish' about this -- local legal representation and advice is far less expensive than charging forward and ending up in a mess!
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