attorney specializing in condo associations (for sale, rental, bad credit) - City-Data Forum

highlife2 · 09-08-2011, 06:21 PM

Hello does anyone know a firm that specializes in dealing with condo assocaitions that has a free consultation. I have talked to the city about a for sale sign for a condo I have and the sign is on a 5 ft easement that is not owned by the association but they are still saying they are going ot impose fines. Do they have any legal power to force illegal fees to be levied at the point of the sale or to transfer the fees to the new owner. I woudl think they would need a court order to do this and if I have an email from the city and a picture of the sign should that hold up in court?

blueflames50 · 09-08-2011, 06:29 PM

Quote:

Originally Posted by highlife2

Hello does anyone know a firm that specializes in dealing with condo assocaitions that has a free consultation. I have talked to the city about a for sale sign for a condo I have and the sign is on a 5 ft easement that is not owned by the association but they are still saying they are going ot impose fines. Do they have any legal power to force illegal fees to be levied at the point of the sale or to transfer the fees to the new owner. I woudl think they would need a court order to do this and if I have an email from the city and a picture of the sign should that hold up in court?

an easement is an agreement by the landowner and the condo landowner....you might want to try to see in the record of deeds what the specification are for the easement.

Dakster · 09-08-2011, 07:31 PM

I would still want to speak to an attorney that specializes in Alaskan Civil/Property Law. Here (Florida) an easement typically grants the government and utilities certain rights - and sometimes it ISN'T your property, even though you have to maintain it. Another type of "easement" is one that it is your property, and they (gov't/utilities) retain certain rights to it and they bar you from doing things to the property.

So, HERE, it depends on how the easement is written.

The question I would be asking, is: Is this area considered a "common area" of the development or not? Is it Federal, State, or Local property?

What do your bi-laws say? Some by-laws are very intrusive and govern things that you do OFF PROPERTY as grounds for kicking you out... So there may be a by-law that forbids advertising. Without seeing it, I can't really comment on it. And even then, an attorney is your best bet - although it may not be economically worth it.

highlife2 · 09-08-2011, 07:45 PM

So if I were to walk away from the condo would the bank be liable for the condo issues since they are technically the owners of the property. The only reason im doing this is becusae there is potentially a small amount of money I can still make on the unit but it has not sold in a month, if it sits for 3 months I can reduce the price to break even after that I will walk away from it or ask the bank once if they will do a short sale, if I get the run around I will walk away from it.

What are the consequences of doing something like that other than taking a hit to your credit?

blueflames50 · 09-09-2011, 05:52 PM

Quote:

Originally Posted by highlife2

So if I were to walk away from the condo would the bank be liable for the condo issues since they are technically the owners of the property. The only reason im doing this is becusae there is potentially a small amount of money I can still make on the unit but it has not sold in a month, if it sits for 3 months I can reduce the price to break even after that I will walk away from it or ask the bank once if they will do a short sale, if I get the run around I will walk away from it.

What are the consequences of doing something like that other than taking a hit to your credit?

you do realize that employers now check your credit rating and will no hire you for defaulting on a mortgage??....know several people who were told right at their interview that their credit rating showed default and they did not get hired.....think seriously about defaulting now-a-days. some laws are in place but the employer finds ways around this....google it an see
http://articles.moneycentral.msn.com...you-a-job.aspx

Chilkoot · 09-09-2011, 06:43 PM

Rental rates are still good although property values are flat. Have you considered trying to rent it out?

highlife2 · 09-10-2011, 01:58 AM

it would be tough to rent it out for what I pay a month, I would have to rent it out for around 1700/month not including gas or electric. I guess for how nice the place is and the sq footage it may rent but I would need to get a heafty security depost becuase its cherry and I know what it costs to get contractors to fix things.

I am going to give it another 2 months and then have to make a decision from there.

highlife2 · 09-10-2011, 02:08 AM

Quote:

Originally Posted by blueflames50

you do realize that employers now check your credit rating and will no hire you for defaulting on a mortgage??....know several people who were told right at their interview that their credit rating showed default and they did not get hired.....think seriously about defaulting now-a-days. some laws are in place but the employer finds ways around this....google it an see
How bad credit can cost you a job - MSN Money

So if someone lost there job or took a pay cut/lost hours and defaulted on their loan thats pretty much the end of the road. You would have to start your own buisness with cash and thats about it.

naturesdreams · 09-10-2011, 08:03 AM

Highlife.. so sorry about your issues... I always thought a condo was a great idea until I started to look at all the regulations and bi-laws.. then of course the monthly condo fees... start checking the listings in your area and you might lower your price sooner then later. The money you save and headaches you save would be well worth it. Make sure it is "staged" for the sale.. first impressions are what sell the place... Good luck.. I'm trying to sell too... only the brave at heart hey??

blueflames50 · 09-10-2011, 08:36 AM

Quote:

Originally Posted by highlife2

So if someone lost there job or took a pay cut/lost hours and defaulted on their loan thats pretty much the end of the road. You would have to start your own buisness with cash and thats about it.

guess so....one friend didn't get his name off the house in a divorce soon enough, ex defaulted and he has been turned down from 3 jobs and told while sitting in the interview as they pulled up his credit report...they didn't care that HE didn't default...by the way...each time someone pulls your credit report that drops your credit score 5 points each time! other friends lost their jobs and got behind in payments, no defaults just delinquent...they have been turned downed for jobs that they have 20-30 yrs experience in....not right in my book but that is the way the employment market is functioning these days. Sure hope things work out for you....several months on the market is not a long time at all in these times. Have you thought of renting out a room to help pay the mortgage?