Legal standing of a developer's prospectus

Started by BobD • 1 replies • 2122 views

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BobD (Florida)
Posts: 4

Posted:

Does the content of a developer's prospectus have any legal standing once the community has been turned over to the members? Some of our members are citing references to their prospectus to attempt to prevent certain changes contemplated by the Board. I would think the governing documents are what control changes.

LisaS (Illinois)
Posts: 341

Posted:

I would agree that your governing documents (which are likely filed with your county or state and run with the deed of properties) would take precedence.

The Developers propspectus would perhaps hold him accountable for what is found within. But unless it is recorded legally as part of the development it likely states somewhere within that the information cannot be relied on and is simply a 'plan'.

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