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Investor buys six units in one condo building, gets six votes


CondoAssociation.com on Tue, Dec 27, 2016 @ 06:30 AM


9 comments

Please advise if Board of Directors can allow ONE INVESTOR, who resides in Peru, to purchase SIX UNITS in our building to rent out; to have SIX VOTES without the approval from owners - not having the 2/3 vote of owners?

Secondly, this investor has taken out a QUIT CLAIM DEED, ALL on the same date being 10/31/2016 and transferred all six units into LLC entities - now our association has a rental ratio of FIFTY PERCENT with NO cap and units are being turned into business entities.

Please advise if a board has the power/authority to this?

Please do not advise or suggest to get a new board as the problem is NO ONE WANTS TO HAVE IT!

Need an HOA Loan?

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