Declarant Period Over but Developer Still Owns

Started by AlexL1 • 4 replies • 1380 views

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AlexL1 (Florida)
Posts: 305

Posted:

The declarant period for the condo area is over... long over... but just found out that the Developer still owns some carports and possibly 1 or 2 garages. Is this legal... I thought that with the declarant period over, all belonged to the HOA.. Can anyone clarify this?

GlenL (Ohio)
Posts: 5,491

Posted:

Alex in most cases (check local listings) after the Declarant turns over the community they become just another homeowner and subject to all of the CC&R's. Do the car ports & garages belong to the HOA or to individual homeowners?

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AlexL1 (Florida)
Posts: 305

Posted:

Garages are owned by individual home owners who elected to PURCHASE them.. the carports are deeded to homeowners......

AlexL1 (Florida)
Posts: 305

Posted:

In addition... concernng the carports.. each unit owner who DID NOT purchase a garage is issued one carport.... Additional carports could be purchased from the developer for $2,500.

MaryA1 (Arizona)
Posts: 7,043

Posted:

Alex,

Normally transition occurs when a certain % (less than 100%) of the homes/lots have been sold. That doesn't mean the developer can't still own some unsold homes/lots. These unsold properties can be owned by the developer's corp or by him individually. There is no law which states a developer cannot purchase property in a community he is developing. At transition whatever the developer owns reverts to Class A (members) membership and the developer has only 1 vote for each property he still owns. At any rate, when the declarant period is over, the HOA doesn't own everything anyhow. In a planned community, the HOA only owns the common areas; each individual property is owned by the individual members. Even in a condo assn everything is not owned by the HOA; each member has an undivided interest in the common areas and the HOA owns a portion of each individual unit.

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