Historically, our units went into foreclosure when the developer went bust and now each unit is owned separately. Unit 3 is owner occupied, Unit 2 is mine, Unit 1 is for sale and is owned by a bank and Unit 0 is owned by an investor. Unit 3's owner spent $9,500 getting the common areas up to use and occupancy standards.
- We need to figure out how to develop a HOA for our 4 unit condo (any suggested templates?)
- how to register it and
- where to buy HOA insurance? (Our building is a large row house so our common area consists of the exterior and stairways and landings and the mailbox foyer.)
- My 4th question is can we require the bank to pay their share of the $9,500?