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JoyceS1
(Indiana)
Posts:107
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| 06/11/2006 6:26 AM |
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I have a friend who lives in an eight unit duplex community. The units currently are half homeowner owned and half owned by the "developer" and are rentals. The owners were assured by the developer (he lied) that all units would be "sold", which of course, is not now the case.
The homeowners are unhappy with the developer because he is unresponsive to them and all four want to break off from him. I'm not sure if there are CC&Rs already in place, but I assume that is where they need to start.
If there are no CC&Rs, I perceive that they will be facing a lot of work and a lot of legal expense not to mention high maintenance fees to cover this.
My question is: "Is it even possible for them to form an Association and dump the developer with the occupany half owner occupied and half rentals?" |
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RogerB
(Colorado)
Posts:3726
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| 06/11/2006 9:29 AM |
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Joyce, first they should contact the County Clerk. If there is a Declaration get a copy; then get a copy of the By-laws and if incorporated a copy of the Articles of Incorporation which should be able to be downloaded from the Secretary of State's website. Read these documents to determine what may be able to be done if anything.
There should be a Declaration and an HOA; if not they have a difficult problem when it comes to maintenance, insurance, etc.
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Roger Borcherding
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DARCO Property Management (Colorado)
(303) 925-0150 
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JoyceS1
(Indiana)
Posts:107
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| 06/11/2006 9:38 AM |
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That was what I assumed as well.....I fear they may not have those documents in place and they will just be stuck.
People buying into new developments should always, always, always do a thorough investigation as to what they are buying into. Unfortunately, the real estate people are not very helpful, and the developer....well, in this case, misled the buyers.
It is a sad situation for those 4 homeowners.
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