Developer now an owner still in charge

Started by MikeP4 • 6 replies • 1224 views

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MikeP4
Posts: 8

Posted:

We have a 6 unit bldg. in denver Developer bought one unit sold 3 others could not sell last 2 so he rented them.He still has total control never submits budgets ect. I want to form a real HOA and hire a prop. mgr can someone give me advice?

MikeP4
Posts: 8

Posted:

Also I am pretty sure he did not incoporate our HOA is he required to do so.

SusanW1
Posts: 5,197

Posted:

WHEN is the hand-over to take place? Usually it's in a certain time frame or when a certain percentage of homes/units are sold.

It's still his ballgame. If he has not fulfilled his builder/developer obligations, you and the other owners can take him to court.

More info is needed.

MikeP4
Posts: 8

Posted:

6 units 3 owned ind. he owns one and rents 2 he and his partners pay hoa for the 2 rented. He is like a defacto pres. no other members on the board. I has been like this for one year.

SusanW1
Posts: 5,197

Posted:

You did not answer the question. WHEN is the hand-over to a member-run HOA supposed to take place? You will find the answer in either your CCR's or other paperwork. (sales agreement, deed, etc.)

Right now, everything - all governance - is under his control.

MikeP4
Posts: 8

Posted:

This is my take having looked up some stuff. After the developer rented last 2 units we should have had ameeting to elect board members and for them to submitt an annual budget is this correct. Right now the developer pretty much makes up an annual statement when pressed by me and of course he spends all the revenue.

MikeP4
Posts: 8

Posted:

The handover was 60% occ.

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