Looking for regime change

Started by GaryM • 1 replies • 1808 views

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GaryM (Illinois)
Posts: 9

Posted:

We are still under developer run board. To my knowledge there has never been an annual financial report, proposed budget or meeting notice. Developer runs his sales office out of a room in the clubhouse (does he owe rent?). I suspect mingling of funds and on top of it all IL Condo Act says turnover at 75% or 3 years, whichever is first and he is two years past that.

I am thinking about making him produce all the board records. But also is the board still valid if the 3 years is past? What is the best path?

RogerB (Colorado)
Posts: 5,067

Posted:

Gary, the developer's Board is valid until replaced. The best approach is to send a registered letter to the developer requesting a members meeting to turn over control of the Board to the homeowners. Regarding the financials, prior to the Board transition request an audit by an auditor who is independent of the developer.

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