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I own a home in a subdivision where the builder has gone out of business, not bankrupt just closed the doors, with 9 homes occupied out of 44 lots. We do not have a homeowners association at this time as the builder still had control.
The builder also built villas in a development next to our subdivision under a different name where we share amenities such as a pool, part of this development is still active. At this point we are looking for advice as to whether we should be trying to form an association?
Under our covenants there is a successor clause where the builder can transfer the rights to another builder or whoever owns the vacant lots. At this point we do not know who owns the vacant lots, the bank or if the builder has retained title under a different name, but they now need to be mowed. Accurate information is hard to come by so if you have any suggestions as to where we can find answers let me know.
The homeowners all in our subdivision all want to protect our investment but we need advice as to what we should be doing.
