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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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Our HOA community consisting of some 1100 homes is currently

Customer Question

Our HOA community consisting of some 1100 homes is currently entering a business crisis!
Our community of homes surrounds and sometimes abuts various holes on this eighteen
hole Golf course. The Golf Club consists of an onsite golf equipment store and restaurant
and greens. Our HOA is proposing that the Golf Club owned by Hampton Corp. wants to
transfer the golf club property to our community for the Sum of $1,00. In consideration for
this Conveyance they propose to lease the property( rent not yet determined) from our
community, also proposing to be responsible for all property operating expenses. They also
throw in to each homeowner the supposed perk of having two meals per week. I believe the
whole thing is severely flawed. Also state our monthly fees would only increase by $20.00.
Unless I was born last night, why should anyone become involved in owning an interest
in a slowly dying sport and invest your community property to creditors? Furthermore
they want to expand the restaurant and renovate the property to the tune of some
$660,00 the first year of a 15 year lease (three five year periods), then another $660,000 for second year, $145,000 for third year I smell a bankruptcy and we own debt! Furthermore how does one get financing for $ 1, 400,000. if the property has
been transferred to the community? Any help will be fully appreciated as our first
meeting is scheduled at Summer Glen , Ocala, Fl. on Tuesday Nov, 17, 2015.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.

Hello,

Has Hampton Corp. provided any rationale for the transfer? They must have a reason (even if it's a lie).

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