I am on Board of coastal condo HOA - just completed a major foundation/support project on all buildings waterside; with contractors costs coming in so much under-budget there is approx. $3500/unit refund. Board feels since was special project assessment owners will receive the refund; however 4 units sold from time assessment paid until project completion. Sellers paid assessment prior to or at closing. Does the HOA owe the previous owners who paid or does HOA retain those fund? We know they are not due to new owners. There is a difference of opinion among board members, and not certain if a legal issue exists to the Seller/owner.
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