I am on the board of a self managed HOA in Ohio. We have a bank owned unit that an LLC wants to purchase, (this is the first time this has come up) and I am very uncomfortable since we do not allow rentals per our bylaws and with an LLC I don't know legally what their responsibilities would be financially if they default on the fees. I read that with an LLC their assets would be safe, but what happens if the LLC folds - who do we go after if the fees are not paid? We are also in the process of FHA recertification. The bigger issue is our board does not like not knowing specifically who is living in the unit. The only way I found out was because the title company sent me a document requesting our tax ID and info on the Association fees. I told the title company to put the closing on hold. The unit currently has a lien because the bank refused to pay the fees monthly. Has anyone had experience with this?
