Question:
Our community is under declarant control. There has not been transparency. It is impossible to get a straight answer. There has not been an accounting of what we are paying for. What is the Developer obligated to share with residents?
– Evangeline
Answer:
First, it is important to check your governing documents to understand the exact obligations of the declarant, including the obligation to produce accounting records. Beyond that, Oklahoma’s UNIT OWNERSHIP ESTATE ACT Section 521 states:
“The administrator, or the board of administration, or other form of administration specified in the bylaws, shall keep a book with a detailed account, in chronological order, of the receipts and expenditures affecting the common elements specifying and itemizing the maintenance and repair expenses of the common elements and any other expenses incurred. Both said book and the vouchers accrediting the entries made thereupon shall be available for examination by all the unit owners at convenient hours on working days that shall be set and announced for general knowledge.”
The Oklahoma GENERAL CORPORATION ACT Section 1065 also specifies that any shareholder may inspect and copy the corporation’s records upon written demand and during the usual business hours for any proper purpose. These records include the corporations, stock ledgers, books, and more. A corporation must respond to the demand within 5 business days. If the corporation does not comply, the shareholder may apply to the district court for an order to compel an inspection.
If your HOA is organized as a corporation, then the General Corporation Act applies to you. The Unit Ownership Real Estate Act applies to condominium associations.
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
