Subscribe to Blog

Your email:

Follow Us

Looking for answers?

condo association blogCan't find the answer you're looking for?  Ask your question here and we'll post it in our blog.

Browse by Topic

Most Popular Posts

Condo Association Management Blog

Current Articles | RSS Feed RSS Feed

Condo association board disappears and condo lose value

Posted on Tue, Feb 07, 2012 @ 06:33 AM
  
  
  
  
  
Add to delicious  delicious  
  
Our Florida Condo Association Board is no longer active. All members have walked away and stopped paying monthly dues. There is no management company. I was acting as president and my name is the only one on our bank account. How or to who can I turn over this account? I have lost all equity in my own unit due to foreclosures and lost interest by the board members. Please help.
Tags: 

Comments

From what I understand, if you no longer have a Board of Trustees or a Condo Management company, your local township or governing body in your area assumes the task.
Posted @ Tuesday, February 07, 2012 6:52 AM by Bill Bondar
Are all units vacant? How many units in total? Who is paying utilities?
Posted @ Tuesday, February 07, 2012 6:52 AM by mr lewerth
Get a Atty for yourself ...Make sure they are knowing about condo law.
Posted @ Tuesday, February 07, 2012 6:57 AM by Llanos
The State will take over
Posted @ Tuesday, February 07, 2012 7:52 AM by Walter Ward
I understand your frustrations and you are not alone. 
 
 
 
Depening on the size and type of your association as well as the type of property, it is possible for the association to actually disband and/or file for bankruptsy or both.  
 
I'm not from Florida, but I understand that every state has proceedures that allow for the association to be dessolved. There are pitfalls and the decision must be weighed carefully, but you may have no choice.  
 
As others have mentioned, contact an attorney that knows condo law.
Posted @ Tuesday, February 07, 2012 8:01 AM by Richard Blenden
You don!t need an attorney at this point contact the DBPR in Florida for info on how to dissolve your association.
Posted @ Tuesday, February 07, 2012 8:07 AM by Ray Hill
Contact your state ombudsman. Whatever you do, don't get an attorney involved. An attorney will only milk you for all your money and continue to make arguements until you are out of money. An attorney gets paid to argue....why would you hire one to settle a dispute?
Posted @ Tuesday, February 07, 2012 11:11 AM by John
I thought the court would be the one to take over.
Posted @ Tuesday, February 07, 2012 12:43 PM by Linda
Not using a lawyer is stupid.
Posted @ Tuesday, February 07, 2012 1:16 PM by peter the mayor
You received a lot of worthless advice here. I hope it helps you!
Posted @ Tuesday, February 07, 2012 2:13 PM by Jim
Not using a lawyer is stupid.
Posted @ Tuesday, February 07, 2012 2:40 PM by peter the mayor
sell your unit now...walk away if it is upside down...do not wait
Posted @ Wednesday, February 08, 2012 3:51 PM by GERALD SCHWARTZ
Post Comment
Name
 *
Email
 *
Website (optional)
Comment
 *

Allowed tags: <a> link, <b> bold, <i> italics