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KimberlyLaw
KimberlyLaw, Attorney and Real Estate Broker
Category: Real Estate Law
Satisfied Customers: 4218
Experience:  13 years of experience in real estate law: Foreclosures, Landlord-Tenant, Condo/Coop, Property Law, Deeds, Purchases/Sales, Estates.
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If a condominium received title of one of the unit - Then it

Customer Question

If a condominium received title of one of the unit - Then it sale the property. Is the balance owed to the association at the time of receiving the title the basis of the property?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  KimberlyLaw replied 1 year ago.
Hello, I am happy to assist you today.
Can you please tell me whether you are asking about the value of the property for tax purposes, or some other question?
Thank you.
Kim
Customer: replied 1 year ago.
An Association was owed maintenance fees, it sued the owner and received title for the property. After a few months the association sold the property.
I think that the balance owe to the association including the legal fees to obtain title become the basis of the property and the association them have the right to rent or sell the property.
Expert:  KimberlyLaw replied 1 year ago.
Right, the basis would be the amount paid for the property, which is the back fees plus any legal fees, costs, etc.
The association now owns the property in full, and is free to rent or sell it.
Let me know if you have any follow up questions.
Take care,
Kim
Customer: replied 1 year ago.
Who is the owner of air rights in an association?
Expert:  KimberlyLaw replied 1 year ago.
That is a new question which would typically be submitted separately, but I will assist as a one time courtesy.
The air rights, if they exist at all, would likely be common rights of the association, but there could be a lot of factors involved. First thing to check is zoning laws to see if there is any right to build higher at all in that location.
Kim
Expert:  KimberlyLaw replied 1 year ago.
Hello,
I see that you received my answer. I wanted to let you know that I am online right now if you have any follow up questions.
If not, please close out the question with positive feedback so that I get credit for my time working with you.
Take care,
Kim
Expert:  KimberlyLaw replied 1 year ago.
Hello there,
Just reaching out to remind you that your question is still open.
I have spent quite a bit of time with you. Please let me know if you have any more follow up questions.
If not, please close it out so that I get paid for my work with you.
Thank you and take care,
Kim
Expert:  KimberlyLaw replied 1 year ago.
Hello,
Thanks for using Just Answer. I see that you were able to read all of my responses.
Please close out your question so that the system will not keep your money, which will enable me also to get paid for my time working with you. I also won't get paid unless I receive positive feedback.
Thanks so much and take care,
Kim