The short answer, in West Virginia, is to follow state law:
§36B-2-118. Termination of common interest community.
Just because your HOA is exhausted – they will be horrifically exhausted, in our opinion, to follow through. Consider: all owners “own & maintain the common area” that may include:
- road(s)
- pool(s)
- sewer/water reclamation facility
- power station facility
- water tower facility
- storm water management area(s)
- forest conservation agreements
- clubhouse w/without solar
- tennis court(s)
- river access w/without tourists
- cluster mailboxes/building(s)
- entrance monuments and flag & flag pole(s)
- easements
- culverts
- bridges
- trails & paths
- contracts & promissory notes
- existing & delinquent funds from required annual assessments
- existing special assessment(s), loan(s)
- bank account(s), CD(s), etc.
- insurance policies & protection
- individual deeds & titles to amend/refile/record
- covenants that run with the land, the list can go on and on …
TIP: be absolutely sure you have retained savvy HOA legal counsel before making such a dramatic decision, it most definitely is a legal formality for dissolution. Termination is not just stopping the business of the corporation, your HOA, by avoiding the restrictions that you agreed to follow at the onset.