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developer causing hoa shortfall

On Lawyer & Legal » Real Estate & Property Law

1,518 words with 1 Comments; publish: Sun, 27 Jul 2008 09:08:00 GMT; (8001,560.55, « »)

The state is: ? Florida

We live in a fairly new gated community 2 1/2 years old. The developer has gone broke. Almost 1/2 of the lots have not been sold. According to our documents, the developer is responsible for assessments on unsold lots, but he has not paid them for over a year. This has caused a shortfall of over $25,000 to the hoa. He has since sold his share of the development to a large conglomerate developer, who will not foreclose on him since they do not want to pay his shortfall. They want the homeowners to pay for this shortfall, so when the new buyer wants to flip the lots, they are free and clear. The old developer remains on the board, since the new buyer has not showed any interest in creating a board. There are other issues such as 'theft of promise' as to amenities which were originally promised and documented on sales flyers, included in our fees, but have not and probably will never materialize, i.e. exercise equipment, playground, etc. Yet, our fees are continually increasing to cover the shortfall for this year and looming for next.

What can we do?

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  • 1 Comments
    • Since your HOA is still under developer control, there isn't much you can do. Welcome to Florida.

      You need to write to your representatives to help convince him that HOA's need to have the same level of representation in Tallahassee as condominiums. What it means is that ever home represented under an HOA will pay about $4. per year to Tallahassee to help cover the oversite.

      #1; Sun, 27 Jul 2008 11:36:00 GMT