What is the name of your state (only U.S. law)? California
To make a long story short, I need to tell about the background of my condo unit.
I bought a condo from the 1st developer in 2007. The building was originally for apartment rental but the 1st developer bought it and convert it into condo.
The 1st developer went bankcruptcy in 2008, and the renovation and remodeling work has stopped. The city stop the sales of our condo because there is not enough of HOA reserve fund.
In 2009, the home owner found out the truth that the 1st developer never gave HOA fee as they have promised and they took away the bond money for the remodeling work. So, the HOA decided to sue them.
And six months later, an investment bank bought all the remaining unit which is not owned by home owner, and the bank become the HOA member. The number of unit owned by the bank is more than 2/3 of the building, Which means if the HOA need to vote for something, the bank can get over 66% of the vote.
In 2010, the bank made a global agreement with the HOA, they promised that they will put 1.8 million for the HOA reserve fund in order to put our building back to the market and they will continue the remodeling work. However, we, the home owner, have to give up the right to sue the 1st developer, the bank will sue the 1st developer and ask for the compensation. The compensation will go to their pocket only.
The bank are also going to install washer and dryer to the unit that the bank owned. They need to install a new pipe for the laundry and the pipe need to run from the 1st floor to the roof.
The problem is, some of the home owner's units are above or below the bank owned unit. So, as a trade off, the home owner have to let the worker access to their unit and let them install the new pipe in our closet. And All of that are written in the global agreement.
I am one the home owner, and my unit is on the 4th floor of 4-storie building. The unit below is owned by the bank. I found out that the pipe they are going to install will take half of my closet space. They will build a wall to cover the pipe, and the new wall will become HOA common space. Last friday, I received a letter from the bank saying that the worker need to get into my unit start from next monday.
I have contacted them, asking for the detail of the work, and want to know what they are going to do in my apartment. They insist that they have the right to enter my unit due to the global agreement. I have to let them in for them to do the installation of new pipe. So, I question them there will be square footage reduction which is violated with the deed. They replied me that there will be no square footage reduction, there is only less usable space. and if I ask further question, they will bring it to HOA counsel, and I will be charged fro $275/hour.
So, Here comes my question. I am the owner of the condo, I own the space from the inside surface of wall finishes and also the partition wall. That means the closet space is owned by me. Why the bank has the right to install a new pipe and build a new wall in my closet and make that become a HOA common space?
The bank insist that we have a general agreement, but the bank have 66% of vote, so they can pass anything that they want. Is that illegal?
To make a long story short, I need to tell about the background of my condo unit.
I bought a condo from the 1st developer in 2007. The building was originally for apartment rental but the 1st developer bought it and convert it into condo.
The 1st developer went bankcruptcy in 2008, and the renovation and remodeling work has stopped. The city stop the sales of our condo because there is not enough of HOA reserve fund.
In 2009, the home owner found out the truth that the 1st developer never gave HOA fee as they have promised and they took away the bond money for the remodeling work. So, the HOA decided to sue them.
And six months later, an investment bank bought all the remaining unit which is not owned by home owner, and the bank become the HOA member. The number of unit owned by the bank is more than 2/3 of the building, Which means if the HOA need to vote for something, the bank can get over 66% of the vote.
In 2010, the bank made a global agreement with the HOA, they promised that they will put 1.8 million for the HOA reserve fund in order to put our building back to the market and they will continue the remodeling work. However, we, the home owner, have to give up the right to sue the 1st developer, the bank will sue the 1st developer and ask for the compensation. The compensation will go to their pocket only.
The bank are also going to install washer and dryer to the unit that the bank owned. They need to install a new pipe for the laundry and the pipe need to run from the 1st floor to the roof.
The problem is, some of the home owner's units are above or below the bank owned unit. So, as a trade off, the home owner have to let the worker access to their unit and let them install the new pipe in our closet. And All of that are written in the global agreement.
I am one the home owner, and my unit is on the 4th floor of 4-storie building. The unit below is owned by the bank. I found out that the pipe they are going to install will take half of my closet space. They will build a wall to cover the pipe, and the new wall will become HOA common space. Last friday, I received a letter from the bank saying that the worker need to get into my unit start from next monday.
I have contacted them, asking for the detail of the work, and want to know what they are going to do in my apartment. They insist that they have the right to enter my unit due to the global agreement. I have to let them in for them to do the installation of new pipe. So, I question them there will be square footage reduction which is violated with the deed. They replied me that there will be no square footage reduction, there is only less usable space. and if I ask further question, they will bring it to HOA counsel, and I will be charged fro $275/hour.
So, Here comes my question. I am the owner of the condo, I own the space from the inside surface of wall finishes and also the partition wall. That means the closet space is owned by me. Why the bank has the right to install a new pipe and build a new wall in my closet and make that become a HOA common space?
The bank insist that we have a general agreement, but the bank have 66% of vote, so they can pass anything that they want. Is that illegal?