SteveH15 (California)
Posts: 28
Posts: 28
Posted:
to all, since the part 1 has mixed up with another topics by trishB, I would like to continue the same topics as Part 2 to add clarity:
The challenge of our cases is that the developer owns 4 units of commercial, the owner on the title is ABC inc. I assume this is LLC. each owner owe assessment approx 8000. therefore he owe 32K.
ABC sold 3 of its 4 unit to another investor - called B LLC (this for sure is LLC) about 26 months ago (oct - 2015). I know we can collect the portion that B company own. The balance of this B may either be responsible by company B (the new owners) to ask company ABC to pay back. (By the way, Company B has certain percentage of the purchase amount still owe company ABC, more then enough to cover the assessment!)
What about the remaining for abc (from sept-2015 till jan-2011)? since abc still own 1 unit, I assume we can just add all the due as credit he own on his current unit?
Further the abc company still own 3 units in residential part and he is in the process to sell them. any of his unit to finish the sell process, has to go through the title transfer and account changes from our management company in the escrow process. Can we demand ABC pay the balance first in selling any of his units this company owe?
let me know your thoughts on this. thank you
The challenge of our cases is that the developer owns 4 units of commercial, the owner on the title is ABC inc. I assume this is LLC. each owner owe assessment approx 8000. therefore he owe 32K.
ABC sold 3 of its 4 unit to another investor - called B LLC (this for sure is LLC) about 26 months ago (oct - 2015). I know we can collect the portion that B company own. The balance of this B may either be responsible by company B (the new owners) to ask company ABC to pay back. (By the way, Company B has certain percentage of the purchase amount still owe company ABC, more then enough to cover the assessment!)
What about the remaining for abc (from sept-2015 till jan-2011)? since abc still own 1 unit, I assume we can just add all the due as credit he own on his current unit?
Further the abc company still own 3 units in residential part and he is in the process to sell them. any of his unit to finish the sell process, has to go through the title transfer and account changes from our management company in the escrow process. Can we demand ABC pay the balance first in selling any of his units this company owe?
let me know your thoughts on this. thank you