KimR4 (Florida)
Posts: 33
Posts: 33
Posted:
My friend is interested in purchasing a new condo. Not built yet. She asked me to come with her to see the models and talk to the sales person. This development was started in 2004. Building stopped around 2007-8, resumed 2013. I asked the sales person if the development was still under the developer. She said yes. I questioned that since their bylaws say turnover is 5 years or 75% developed, whichever comes first. The sales person said that the 5 year requirement was put on hold - the clocked stopped on it - when the building stopped.
Is that true? The condos that were occupied in 2004 could not have expected turnover in roughly 2009 because building in the development stopped?
Is that true? The condos that were occupied in 2004 could not have expected turnover in roughly 2009 because building in the development stopped?