An HOA was formed in Illinois back in 2006 a big developer was going to build houses. They established some rules/covenants and established the property lot lines. It also established some small shared 'common areas' for drainage and a small area for a neighborhood sign.
Shortly after, the builder declared bankruptcy and the lots were sold off by a bank. Some time after that, the HOA was dissolved. I don't know if that happened automatically or if someone did it, but the HOA's status with the state is 'DISSOLVED' and the website says it was 'Involuntarily dissolved'.
Who owns the common areas/how do I find out who owns them?
- According to the local assessors office, the owner is the HOA (but it's been dissolved). One of the earliest residents has been voluntarily paying the property tax due on these lots.
- My quick search online says that those common areas should have been transferred to another legal entity but it seems like that didn't happen.
