Q&A: Could I Be Forced to Sell My Unit?

Q. A real estate investment company is buying up our units one by one. We are a small condo building. Can they force me to sell? What will happen if I hold out? Where do I get the proper information before spending money?

                             —Don’t Wanna Leave

A. “The Distressed Condominium Relief Act enacted in 2010 included the ability to terminate a condominium for ‘economic waste,’” says attorney Russell M. Robbins of Basulto Robbins & Associates LLP, which has offices in Miami Lakes and Coral Springs. “Developers lauded it as an opportunity to terminate aging condominiums to make way for more grandiose designs.  However, the law does not apply retroactively; thus if your condominium requires unanimous approval to terminate the association, it will require your approval, along with all of the other owners, to terminate the condominium.  However, it is possible that this investment company could gain control of the board, drastically increase maintenance and/or reserves, and effectively force everyone to sell their unit by increasing the carrying cost of the unit. Once they control a majority of the units, they could effectively out-vote the other unit owners and control the composition of the board.”

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Comments

  • My Declaration clearly states that the balconies are private dwellings to be maintained by individual owners. We have two definitions in Article I which are common area and private dwelling. Another article talks about if a unit owner let's things on the balcony get so bad it causes damage to another unit they must also pay for those repairs as well as their own. The Survey legend also reflects that the balconies are part of the private dwelling. I believe this may have been done due to the fact that we have condos with no balconies. The Board President, who happens to have problems on their balcony, just voted with other members of the Board that these are common areas and therefore a common expense can be assessed. I think they are wrong. Thinking about suing. Any advise or thoughts.