Equal shares?

Started by FrankL1 • 3 replies • 1392 views

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FrankL1 (Florida)
Posts: 3

Posted:

When this community was bought, from the long time land owner, our shares were selling for $12K, and periodically, over the following 15 years, shares were sold in increasing amounts. The latest share cost is $21K. Our BOD Pres. says, when we sell our shares, we must sell them for the original purchase price. I cannot find, in the Fl. Statutes, a precedence for this. Who, or what agency regulates, approves, records the value and, or selling price of a share?

RogerB (Colorado)
Posts: 5,067

Posted:

Frank, the seller determines the selling price, not the HOA. The County real property records group (usually under the County Clerk) records property transfers. Check with a real estate broker.

JM2 (Oregon)
Posts: 439

Posted:

Hi Frank:

Take a look in your documents - see if they speak to the issue of the price at which a share is sold. If not, I do not see any legal basis for your board president to dictate your selling price.

J. Patrick Moore, CMCA

FrankL1 (Florida)
Posts: 3

Posted:

Gentlemen, let me recap, to see if I have this straight. I bought into this, previously mobile, community, when Association shares were selling for $17K. Association owned shares are now selling for $21 K. I'm referring to a share in the corporation, and the property, immediately under our homes. The share is an equal share of all common property and Association owned units-not sold and, or rented. I know, I can sell my home for whatever the market will bear, but like any appreciated investment, I was under the impression, the share would rise or fall to a certain level-equally, as each unit has but one vote, as does any stock or share holder. I don't understand my having the right to inflate the price for my share, and by the same token, I agree, the selling price should, at least, reflect the COLA, if for no other reason.We are a Co-op, governed by Florida's statutes, regarding Condos and Co-ops.

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