We are all aware of the reported incidents where developers have failed to meet their contractual obligations and fiduciary duties to the HOAs that the created. Failure to maintain the development, poor and non-existent records, and developer appointed boards, etc.
Well a federal bankruptcy court judge in Miami, Florida came down hard on such practices that forced an HOA into bankruptcy. “The court ruled that D.R. Horton, America’s largest homebuilder, engaged in deceptive and unfair trade practices and breached its fiduciary duties.”
Read the article, “Judge says ‘greedy corporate giant’ must pay $16.3 million to Miami Gardens condo.”
As an important aside, I’m waiting for someone or some organization to sue for misrepresentation, false advertising, and fraud in the selling process.