What is the name of your state? Texas
My husband and I recently purchased a condo in a newly constructed area of dallas. We have been here for 6 months and were the first owners to move into the unit. We received notice today that the builder has decided to 'lease' all the units rather than con't to sell them. They even have offered to buy our unit back at the purchase price. We have a home owners association. The complex is only about 33% occupied. I am curious if you have any feedback as to whether the builder can make this decision on their own. We have read the HOA documents and can only find that it takes a majority to desolve the HOA. We signed HOA documents which outlined the budgets - this included all the units being involved in an HOA.
There were no meetings held with any of us prior to this decision. We were notified by a letter in the mail after the decision had been made.
Obviously, our concern is the value of our new property and feeling that the pretenses in which we bought are condo were changed only 6 months after the units were built.
Do you think that they have a legal standing to make this decision without involving the current residents at all?
Thanks-
Amber
My husband and I recently purchased a condo in a newly constructed area of dallas. We have been here for 6 months and were the first owners to move into the unit. We received notice today that the builder has decided to 'lease' all the units rather than con't to sell them. They even have offered to buy our unit back at the purchase price. We have a home owners association. The complex is only about 33% occupied. I am curious if you have any feedback as to whether the builder can make this decision on their own. We have read the HOA documents and can only find that it takes a majority to desolve the HOA. We signed HOA documents which outlined the budgets - this included all the units being involved in an HOA.
There were no meetings held with any of us prior to this decision. We were notified by a letter in the mail after the decision had been made.
Obviously, our concern is the value of our new property and feeling that the pretenses in which we bought are condo were changed only 6 months after the units were built.
Do you think that they have a legal standing to make this decision without involving the current residents at all?
Thanks-
Amber