What happens to a condo if the developer files for bankruptcy?

Answer In a Condo...there is no separate building to file for BK. The individual Condo owners pwn fee simple title, (that is complete title) to their unit. That could happen in a Co-op...where the buildi... Read More »

Top Q&A For: What happens to a condo if the developer files ...

If bought a condo but the developer continues to significantly rent units is there an out for a condo owner Is the developer responsible for a certain buyer vs renter percentage?

Read your governing documents to determine what the developer is 'allowed' to do during the 'declarant control period'. As well, determine the status of the project, so that you know what ratios ar... Read More »

Does a condo developer need to follow ccrs before any sales or does this only apply to new purchase owners?

Your CC&Rs -- and other elements of your governing documents -- are usually contained in a document called a Public Offering Statement.In the POS, the developer's rights, responsibilities and restr... Read More »

Is a seller required to supply condo rules and master deed in the State of Michigan if they are not the developer?

The governing documents for the association can give you the answer you require.Generally, owners are required to sign at the close of sale, and attest to the fact that they have received -- and pe... Read More »

When the seller or developer failed to deliver the condominium unit due to non construction of the project what interest rate the developer must pay to he buyer for the amount they paid?

Your answer is contained within the purchase agreement that you signed originally.