Conflict Between Developer Homeowners Association
My question involves real estate located in the State of: NC
When we built our house in NC in 2000 we bought the land from a developer who had 15 tracks of land with a paved access road. At the time, he lived at the top of the mountain but has since sold his house and moved.
All the tracks of land on the Mtn were part of a Homeowners Association with A "Declaration of covenants, easements, conditions and restrictions for the Properties. The developer and his wife are currently listed on this Declaration as the "Declarants or Developers" which was registered with the Deed office in 1999.
During the construction of our house the concrete company damaged the access road into the subdivision. The developer received a claim from the insurance company in the amount of $37,900 in Nov 2000 for this road damage. However, he just pocketed the money and never used it to pay for repairs to the road. Now the developer has sold more than 75% of the tracks in the development and he is asking the homeowners to elect officers and take over the POA (property owners association)
Our question is, do you think the homeowners have any legal right to this insurance money received for the road damage in 2000 or a right to request the developer to repair the road before he turns the POA over to the homeowners to run. Does the Developer have a fiduciary duty to the homeowner’s in his association. Will NC statute of limitations be an issue for the homeowners since this took place in 2000
thank you
cynthia
Re: Conflict Between Developer Homeowners Association
You can request whatever you like of the developer. The developer's duties to you are a matter of contract, so in terms of their duty to repair the road I suggest you start looking there.
If the only breach of contract you can identify occurred eight years ago, and there's no ongoing breach, then yes, I expect that the statute of limitations has run.