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Will condo buyer have all the power now that developer went bust?


Question:

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?


Answers (2)

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