My Take - Homeowner Associations - WAFF-TV: News, Weather and Sports for Huntsville, AL

My Take - Homeowner Associations

There's a new call for a homeowner's association disclosure law and I, for one, am all for it. Currently, homeowners associations in Alabama are not required to reveal any of their financial dealings to those who pay in. That means money you pay for the upkeep of common areas, debris removal, and use of a clubhouse or swimming pool could be going anywhere, including the pockets of the developer—who can take out a mortgage against those common areas without telling anyone. And when those bills or loan payments come due, it's the homeowners who could be left holding a very expensive bag. Alabama formed a task force to look into creating a disclosure law, but it was dissolved before its first meeting. Now the state's Real Estate Commissioner wants it back. And I agree. The housing market took an historical beating and is only now showing signs of bouncing back. Full disclosure of homeowners association proceedings are vital to restoring confidence and protecting families from a potential financial disaster. I'm Vanessa Oubre and that's my take. What's yours?

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