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We own in a very large complex. It is not built out yet. The builder is one of the nation's largest. We have some very expensive pools, golf courses, walking trails etc. Yet we keep adding more and more some are in the multi-million dollar bracket. When we question things we are told that the developer gave them to our condo association. It seems impossible that the developer be that nice a corporation as to give away millions of dollars in amenities. My question is can the developer be keeping a running tab and if so can we be assesed to repay it when the complex is finished.
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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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