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Our Minnesota developer went bankrupt and the bank now owns 51% of the units. They have some but not all declarant rights so they can pass them on to a bulk sale buyer. We have sued the developer for failing to fund the reserves for 2 years and for not completing and fixing the building. Will the bulk sale buyer become the declarant after purchasing the bank's units? Will he have all the special declarant rights? Will he be responsible for fixing the building and funding the reserves?
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We recently purchased a new construction condo. Because they are trying to fill the units, the sales team has taken over our recreation room as their own, and none of us home owners have access to it while there are still available units for sale.
We're 75% full. They have started collecting home owners dues in full - 100% -- starting the first of the year. Because this is to cover costs to manage all common areas, I would like to make an argument that if we are paying for maintenance on the common room through HODs, we should have access to it - or they should discount our dues accordingly.
Is this a legitimate (or legal) argument? Do we have any wiggle room here? We don't yet have a HOA, since we are still so young, so it's up to us as home owners to make a stink when these things happen. Wanted to do a bit of research here first to see if it's something worth arguing for. Thanks!
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We own a condo in a 4 unit building the "builder" went belly up and left 2 units empty. The bank sold one at sheriff sale it is still empty and the other he had rented before and after the foreclosure. It is still occupied and the bank is collecting rent. The problem is that the condo association is null no one is paying any condo fees and we do not have condo association insurance on the common areas. We ourselves have flood insurance and homeowners insurance. The bank did just pay for the electric bill that was from when the builder owned 2 units. Does anyone have any suggestions we live in South Jersey.
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Our condo association declaration states that 3 years after the first property is sold or 75% of the total property is sold, the land company is to turn the condo association over to the owners. We are in our 4th year, and the original land company has been sold. The development company has since relinquished 7 remaining properties back over to the bank. The person left in charge is also an owner of a piece of property here but is dragging his feet turning the association over to us. My question is what remedies are there to expedite the transition to us as owners?
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