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Ask AttyHeather Your Own Question
AttyHeather
AttyHeather, Lawyer
Category: Real Estate Law
Satisfied Customers: 665
Experience:  Attorney with 15 years experience
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Dec 2005 I purchased a luxury condominium - the market fell

Customer Question

Dec 2005 I purchased a luxury condominium - the market fell people bought these and turned them into section 8 housing - condo management refuses to tell me how many of the 504 condo`s are section 8. These people have ruined the complex. a woman living downstairs is banging on the ceiling when my realestate lady is showing the condo. She`s now complaining that she can hear people walking and flushing the toilet, etc . I did not buy into this. These renters are coming in with animals and family members over the stated number for the apartments. This putting stress on the condo complex, not to mention ruining it. I paid 172,000 for this property and it is now worth about 86,000. I want to know if I can sue the association for mis handling the properties and changing the entire climate of the condo`s. They ruined my investment.
JA: Because real estate law varies from place to place, can you tell me what state the association is in?
Customer: Lake Mary fla
JA: Has any paperwork been filed?
Customer: not yet
JA: Anything else you want the lawyer to know before I connect you?
Customer: The condo association has several people who own more than 5 properties, they do not live there and do not have the same investment. Also what would it take to change the condo`s into 1st or second home only ownership and the owner is responsible to have a legal check done on anyone they plan to rent to. We now pay 35,000 a year to have police patrol because this place has become so low end.
Submitted: 5 months ago.
Category: Real Estate Law
Expert:  AttyHeather replied 5 months ago.

Hi! I'm Heather. I've been a practicing attorney for the last 15 years, and I'd be happy to assist you for informational and educational purposes.

Expert:  AttyHeather replied 5 months ago.

The board of directors owes the owners a fiduciary duty of care to act in the best interests of the owners, and the business judgment rule applies to the board. That means that the board is obligated to use good business judgment in making decisions. The decisions must be rational decisions that are made in good faith. They are required to consider all relevant facts and look at all options, and carefully weigh what is in the owners' best interests. If the board did not do this, you have a cause of action against the board for breach of their fiduciary duty.

If you want to change the rules which allow some owners to own so many properties, you would have to change the bylaws, which normally requires a vote by all homeowners.

Does this make sense?

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