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Transfer Period

Started by RajeevA • 5 replies • 1195 views

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RajeevA (California)
Posts: 3
Posted:
I was just told by a member of a receivership in Los Angeles, CA, that there is a 60 day waiting period from when the developer can hand over the property to the managing property of a new building. I have a feeling he is lying and I wanted to know if anyone knows if this is true. Services for the building are being deferred, but we are all paying HOA fees.
SusanW1 (Michigan)
Posts: 5,202
Posted:
Did you mean management company?

The developer may have had a contract with this party and there may be a 60 day termination clause in the contract.
MaryA1 (Arizona)
Posts: 388
Posted:
Rajeev,

Are you saying your assn. is under receivership? Did the developer declare bankruptcy? I think we need more info to adequately answer your questions.
RajeevA (California)
Posts: 3
Posted:
Thank you for replying.

The building was built in 2009. It went into receivership after a year and change and now is 90 percent sold. I moved in about a month and a half ago and no cleaning services have been set up, among other things. I asked the guy who works for the receivership where our HOA dues are going. I haven't received any sort of real answer, other than there are 60 days before the receivership can hand over the reigns to the management company and that cleaning services will be set up soon. I just didn't know if I am being lied to and if there is something I can do about it.
RajeevA (California)
Posts: 3
Posted:
Thank you for replying.

The building was built in 2009. It went into receivership after a year and change and now is 90 percent sold. I moved in about a month and a half ago and no cleaning services have been set up, among other things. I asked the guy who works for the receivership where our HOA dues are going. I haven't received any sort of real answer, other than there are 60 days before the receivership can hand over the reigns to the management company and that cleaning services will be set up soon. I just didn't know if I am being lied to and if there is something I can do about it.
MaryA1 (Arizona)
Posts: 388
Posted:
Rajeev,

The receivership is charged with managing the assn. Unless you can find out who oversees the receivership, I doubt there is anything you can do about this. The receivership may have been appointed by the court.

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