DennisD14 (Virginia)
Posts: 2
Posts: 2
Posted:
We have a common interest community that consists of:
25 (twin) homes
1 SFD home:
Total Doors: #51 Units
Project Construction Start Date: 2005, Last Unit Completion 2015
Developer Sold his remaining 6 units in 2015 from the Developing Company to a sister company and assigned his Declarant Rights to this new entity.
Currently:
Class A (Owner Units): 45
Developer Class B Units: 6
Total: 51
As things stand now, Developer Controls 306 Voting Shares and Class A owners have 45
Questions:
1. Can the sale in 2015 to a sister company be challenged successfully as have been 7 years of no-development and no sales by developer taking place. The new sister entity has rented these (6) constantly. In fact, one current owner who is a class A owner, attempted to buy from the developer several years ago and he refused stating he would rent her a unit but not sell.
2.It appears the A members have no way of taking control unless Virginia has passed other legislation since 2005 to protect consumers retroactively or it can be proven the Declarants actions converted him from a Class B Member to Class A by renting the units out without any sales activity for 7 years.
Suggestions?
25 (twin) homes
1 SFD home:
Total Doors: #51 Units
Project Construction Start Date: 2005, Last Unit Completion 2015
Developer Sold his remaining 6 units in 2015 from the Developing Company to a sister company and assigned his Declarant Rights to this new entity.
Currently:
Class A (Owner Units): 45
Developer Class B Units: 6
Total: 51
As things stand now, Developer Controls 306 Voting Shares and Class A owners have 45
Questions:
1. Can the sale in 2015 to a sister company be challenged successfully as have been 7 years of no-development and no sales by developer taking place. The new sister entity has rented these (6) constantly. In fact, one current owner who is a class A owner, attempted to buy from the developer several years ago and he refused stating he would rent her a unit but not sell.
2.It appears the A members have no way of taking control unless Virginia has passed other legislation since 2005 to protect consumers retroactively or it can be proven the Declarants actions converted him from a Class B Member to Class A by renting the units out without any sales activity for 7 years.
Suggestions?