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| Friday, November 21, 2008
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| Author |
Messages |
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RobertF
(Florida)
Posts:21
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| 03/15/2006 10:24 PM |
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My community is classified as detached single family condominiums.
We own the building but not the land around it. There are those who want to change our status so that they own the land as well as the house. I have been tasked with coming up with a comparison of the three options -
1. Remain as detached single family condominiums without land.
2. Change to detached single family condominiums with the land.
3. Change to single family homes with the land.
I would appreciate your thoughts, choice, and rationale as to why you picked that one. |
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LisaS
(Illinois)
Posts:339
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| 03/16/2006 8:03 AM |
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My question would be why? We have a similar arrangement locally that I was involved with , and it seems to work well.
I would guess it would be a lengthy, expensive legal mire in order to change your status. This is partly because I assume your documents state the ownership rights for the community, and in order to alter that you would need to chnage the documents by vote, re-classify the lots, deed them, etc. $$$$$$$.
Lisa |
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RobertF
(Florida)
Posts:21
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| 03/16/2006 5:27 PM |
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Lisa,
You are correct, this could be an expensive operation; however, we
have a couple of diehards who want to own the land their house sits
on. In order to work around their position we are attempting to gather information comparing one to the other. Our first step is going to be to allow each homeowner to purchase their own insurance instead of the association doing it. We know this will result in significant savings to everyone. Then we have to look at the benefits of eliminating the condominium as well as the benefits for keeping it. Naturally we have to do the same for individual home ownership. It's not going to happen overnight, but we certainly appreciate comments from anyone. Thanks,
Bob |
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