hartshapedmutt
Junior Member
What is the name of your state? California
Our townhome association had a special assessment about 8 years ago. Each unit was required to pay 1000 dollars to offset some damage that was done to the complex.
Now, there are a few members who would like a rebate of their money now that our fund is at 80% of target. Regardless of whether or not that is sane, the question is: Who should get rebated? The remaining owners who were there at the time? Or all units?
My colleagues believe that only those that paid should be rebated. I am of the belief that, legally, all newer owners essnetially purchased the rights, responsibilities AND benefits of units in the association. As such, it would not be fair NOT to rebate everyone.
If you rebate a select few, and there is a subsequent assessment? Who pays? I would think the rebated cash would be returned first. But, really, I think it would be a legally sticky situation to only rebate those owners who were at the complex at the time.
The new owners paid for their units and markedly higher values partly due to the strength of the fund (as well as the market). Weakening the fund for a select few seems to excessively hinder the newer owners.
Isnt there some legal precedent or something that I can cite to raise awareness here? Frankly, I think the money should just be left where it is.
Thanks!
Our townhome association had a special assessment about 8 years ago. Each unit was required to pay 1000 dollars to offset some damage that was done to the complex.
Now, there are a few members who would like a rebate of their money now that our fund is at 80% of target. Regardless of whether or not that is sane, the question is: Who should get rebated? The remaining owners who were there at the time? Or all units?
My colleagues believe that only those that paid should be rebated. I am of the belief that, legally, all newer owners essnetially purchased the rights, responsibilities AND benefits of units in the association. As such, it would not be fair NOT to rebate everyone.
If you rebate a select few, and there is a subsequent assessment? Who pays? I would think the rebated cash would be returned first. But, really, I think it would be a legally sticky situation to only rebate those owners who were at the complex at the time.
The new owners paid for their units and markedly higher values partly due to the strength of the fund (as well as the market). Weakening the fund for a select few seems to excessively hinder the newer owners.
Isnt there some legal precedent or something that I can cite to raise awareness here? Frankly, I think the money should just be left where it is.
Thanks!