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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 37968
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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Is it legal developer to sell 50% of the units he still

Customer Question

Is it legal for a developer to sell 50% of the units he still owned in a 10 unit condo building to 1 buyer, thus impeding the ability for the other 5 remaining owners to sell there units due to the 10% Freddie mac, fannie mae condo refinance or purchase rules?
Submitted: 1 year ago.
Category: Real Estate Law
Customer: replied 1 year ago.
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Expert:  socrateaser replied 1 year ago.
Hello, Yes, it's legal, because there is no state or federal law that prohibits the developer's conduct. There may, however, be an exception in the Fannie Mae underwriting rules that would permit the loan to fund, regardless of the general limitation. I can research this issue for you -- however this sort of open-ended research can be quite time consuming, and because it may result in a negative result, I would have to charge for my research time. I will send you an additional services request, and if you're interested, you can accept or decline at your convenience. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using Justanswer!

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