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Condo association owners can't get legal control from the developer

Posted on Mon, Jun 28, 2010 @ 06:27 AM
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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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Comments

You and the other owners should unite. Prepare a demand letter as the XYZ Association members to the individuals in charge; demanding that they turn the association over in accordance with section xyz, subsection xyz of the condo docs.
Posted @ Wednesday, June 30, 2010 12:13 PM by Joyce Nord @ bestcondomanager.com
I agree with Joyce. We are finding this situation all too familiar as developers have difficulty selling units and some even turning over projects to the banks. If needed, the owners can file suit and obtain a declaratory judgment ruling from the court requiring turnover. Alternatively, the court may require a receivership. 
 
Court is not preferred, but may be the venue of last resort.
Posted @ Wednesday, July 07, 2010 1:10 PM by Dan Zimberoff
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