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By CondoAssociation.com • December 27, 2016

Investor buys six units in one condo building, gets six votes

Please advise if Board of Directors can allow ONE INVESTOR, who resides in Peru, to purchase SIX UNITS in our building to rent out; to have SIX VOTES without the approval from owners - not having the 2/3 vote of owners?

Secondly, this investor has taken out a QUIT CLAIM DEED, ALL on the same date being 10/31/2016 and transferred all six units into LLC entities - now our association has a rental ratio of FIFTY PERCENT with NO cap and units are being turned into business entities.

Please advise if a board has the power/authority to this?

Please do not advise or suggest to get a new board as the problem is NO ONE WANTS TO HAVE IT!

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.

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