Real Estate Law
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No children is illegal.
We presently must have 80% - 7 owners over 55 for the change?
But our covenants says a Special Meeting required for any changes and voted on with a 2/3 (6) vote for approval of a change. Then the neccesary changes to our legal documents would need to be taken care of by legal counsel.
The other part of the questions was regarding any no votes to the change..(max 2) would automatically be grandfathred in as not being subject to the 55 and over change..correct? And would subsequent buyers of those properties follw the grandfathered in or would the following buyers then be subject to the 55 and over? This is not clear to me.
Still some confusion..evidently this Federal Law 80% 55 and over is newer than our covenants and is now effective!
You are saying it is now the OCCUPANTS, Not the number of units for the 80% count???
What about any units that are not occupied, but owned and either going to be sold or rented. Are they counted as to the age of the owner, or just not counted, because they are not occupied?
So, subject to last question, you count all the people that are actually living here and then compute the %???
OK..just be certain..the unit that is not occupied by anyone, as it is either going to re sold or rented. So, for the present time there would be nothing to count...only when it is sold or rented would it be changed by the occupants at that time...which for selling they would have to be 55 or older, IF this change is made for that type of complex?
Now. assuming that we have the correct 80% 55. we just need to have a meeting and vote that we wish to become a 55/80% complex and then have our legal counsel add the amendment to our covenants?
We would notify the owner of the apt that is probably going to be for sale that it must be sold to a 55 or over and a present one who is going to sell when the present lease is up with present trenants will need to be sold to a 55 an over.
Am I now orrect in my understanding???
OK...If an owner decided to sell their unit, it can be sold to someone of any age, but the occupants MUST be 55 or older. Is that correct? This is after we make the change to the 55/80%.
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