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HOA Software
By CondoAssociation.com • August 19, 2017

Problem with condo association loan documents?

Condo trustee signed a document stating that 75% of the membership voted to allow a loan to be sought by the trustees. It clearly states that: "Pursuant to the terms of the Trust AND after a vote of approval of at least seventy-five (75%) percent in interest of the Unit Owners of the Condominium, the undersigned Trustees are authorized and empowered 
to execute a note in the principal amount of Collateral 
Assignment of Condominium Fees and Assessments, Security 
Agreement, UCC Financing Statement to (?) bank, as well as any other documents required to obtain the loan."  We are now being told by the Trustees that was a "TYPO" error and they have contacted the bank to correct the "TYPO." Obviously, we are all suspicious of what they are stating. Please advise how we legally proceed.

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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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