My husband and I and four other groups make up 33% of a professional condominium association. The remaining 67% is owned by the developer. There was a merge 20 months ago and now the "new" majority has decided to go back 6-10 years and collect for common areas assessments that for 33 years were never passed on to us. Can they or anyone else for that matter threaten to take you to court for charges that you were never billed for (and still haven't been billed for them) and after 20 months of threaten to put liens on our practices. Can they do this! We have retained legal counsel for this matter, however, they are sitting on their hands. I think they are intimidated by who the 67% represents. Can you give me some idea if they can go back 6-10 years and bill us for something that we never knew we owed. Please help...this has become a nightmare...they are holding this over our head and continue to threaten us with liens and forcing us to sell them back our units to mitigate what "they" think we owe.
Where can I learn about the meaning and scope of a developer transition audit. One CPA firm said it was getting audited opinions for prior years "Review prepared" financial statements. That can't be correct. Its has to be more of a special accounting review (sort of forensic) of developer books and records by an accounting firm well versed in transition matters.
Our condo association will be transitioning to owners in June from the builder. There are still only 26 residences out of 52 proposed, the rest are empty lots. The current management company, sent us all a letter telling us we must vote in new dirctors that day. They are working for the builder who has control of the current board. Can we on our own, ignore their letter, set up our own vote if all agree and elect our board, and then tell them about it after the fact? Do we have to go by the letter they sent us and ballot attached? any info you have on the transition is helpful as we are all clueless thanks