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When do HOA units transition from developer back to association?

Posted on Sun, May 15, 2011 @ 07:07 AM
  
  
  
  
  
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I live in a building that was built in 2008. Now in 2011, there are only a few units that remain owned by the builder. I reached out to the builder to inquire about purchasing an additional garage parking space and a storage unit on the property. However, I would rather pay our HOA for these amenities if they are entitled to receive this money after the builder's units are sold and the building is "turned over" to the HOA. Is the builder always entitled to receive this money? Can the HOA deed these amenities to me, and what documentation and/or fees do I need to consider in ensuring these spaces convey into my property deed?

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Comments

Sorry for not being able to give a better answer but the right to transfer parking spaces and storage units will all depend on how these rights were reserved to the developer in the declaration or master deed. 
 
 
 
Stephen Marcus 
 
Marcus Errico Emmer & Brooks 
 
Braintree, Massachusetts 
 
781.843.5000 
 
Posted @ Sunday, May 15, 2011 7:30 AM by Stephen MArcus
Our condo took over the running of our units after a percentage of them had been sold
Posted @ Sunday, May 15, 2011 8:12 AM by bob gross
If the parking garage and storage unit which you want to buy are amenities that would be owned by the HOA then they would be deeded to the HOA upon transition. If they are sold before transition the money would be put into the HOAs account NOT kept by the developer, unless there is something stated in the CCRs contrary to this. Usually the developer is only entitled to keep money from the sale of units he owns -- all amenities and common areas are owned by the HOA and deeded to the HOA at transition.
Posted @ Monday, May 16, 2011 10:39 AM by mary
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