Property Q&A in 91316>Question Details

Emoyseyenko, Home Owner in Encino, CA

who can check how HOA spending money every month?

Asked by Emoyseyenko, Encino, CA Sun Mar 20, 2011

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Wow! Three very astute answers. I don't have anything else to add except that you follow all three ASAP.
0 votes Thank Flag Link Mon Mar 21, 2011
There was a great article on what homeowners associations are allowed to do or not do in today's LA Times...I am sharing the link here. If you are a titleholder than you should request a copy of the budget. If you are thinking about purchasing a condo, the budget will be included in your HOA documents for you to approve as a contingency of your purchase. Hope this helps!

0 votes Thank Flag Link Sun Mar 20, 2011
Each HOA has to have a budget and keep track of their actual expenses vs. the budgetted amounts. Please contact your Treasure and ask them to provide this information to you, which you are entitled to receive. I always recommend to my clients who are buying a condo or townhome to get involved on the Board to know how well their association is being run.
0 votes Thank Flag Link Sun Mar 20, 2011
As a homeowner you have access to this information. Contact the association for a current P&L. YOu should also be getting annual updates of expenses.

If you are anticipating purchasing you can get a copy of the HOA documents which show exactly how the money is being spent.
0 votes Thank Flag Link Sun Mar 20, 2011
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