HOA buying land from developer

[Mambo123]

What is the name of your state? Florida

So our small HOA fought a developer and they have offered to sell us the land (after we took our fight to ACE and Water Management bc this land is conservation /wetlands). How should we handle this? Upon board approval, we are planning to do a one-time assessment and have liability insurance on the land.

Is this a good idea? Should we take our chances that this land truly isn't build-able and allow the developer to maintain ownership? If some houses refuse to pay (could be about $1000 / house) then what?

Figured I'd throw this out on here to get responses before we hire a real estate attorney.

 

[quincy]

What is the name of your state? Florida

So our small HOA fought a developer and they have offered to sell us the land (after we took our fight to ACE and Water Management bc this land is conservation /wetlands). How should we handle this? Upon board approval, we are planning to do a one-time assessment and have liability insurance on the land.

Is this a good idea? Should we take our chances that this land truly isn't build-able and allow the developer to maintain ownership? If some houses refuse to pay (could be about $1000 / house) then what?

Figured I'd throw this out on here to get responses before we hire a real estate attorney.

Buying the property is the best way to control its use.

I suggest you have all homeowners weigh in on the purchase and the potential costs to them of the purchase.

I would also get an official survey of the property to show to the developer and make an offer to the developer that reflects the value of the property as unusable unbuildable wetlands.

 

[Mambo123]

Great suggestion. Thank you! Even if we don't have 100% participation, we know we have to buy these lands. I will look into getting an official survey out here ASAP so we can make a thoughtful counter offer.

 

[quincy]

Great suggestion. Thank you! Even if we don't have 100% participation, we know we have to buy these lands. I will look into getting an official survey out here ASAP so we can make a thoughtful counter offer.

You're welcome, Mambo. I appreciate the thanks.

Good luck.