Stripping Condo Owners’ Rights

by Isaac Benmergui, Esq on October 27, 2011

When a condominium project gets into financial trouble, investment groups which frequently hold the supermajority of the condo association voting power might decide to convert the complex into rental space, which strips away unit owners’ rights.

These “plans of termination” are occurring more frequently as bulk buyers try to stabilize a project and boost their returns. Since 2008, 52 condominium associations in the tri-county Sourth Florida area have implemented these plans. Under a termination plan, individuals owners may not have the right to say ‘no’ to the sale of their condo to the bulk buyer at a fair market price.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

Previous post:

Next post: