Investor buys 90% of T/H Development, Association?

Started by KimG8 • 1 replies • 1114 views

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KimG8 (Florida)
Posts: 1

Posted:

Investor in FL bought an abandoned T/H development built in 2007, consisting of 68 units 4 of which were purchased by another investor. There was a registered BOD which was the developer. Majority Investor wants to change the name of the development. What steps need to be taken to get the name changed and is approval needed from other investor for name change?
Also, after name change I am assuming we can send in amended condo docs, with new T/H name.
Thank you for any guidance on this.

SusanW1 (Michigan)
Posts: 5,202

Posted:

Who is the "we" you are talking about?

You said the Developer was still in charge, now there is a new owner - so there has been no "turnover."

This name change is a transaction the owner does. That person/company is responsible for all document changes with the IRS, state, & local contacts.

Then he just changes the signs . . . and tells the homeowners

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