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Our Michigan condominium developer went bankrupt in 2006…

Customer Question
Our Michigan condominium developer...

Our Michigan condominium developer went bankrupt in 2006 before the development was complete. All the remaining lots were sold by the bank to one person in 2010. Does the new owner have the development rights when it comes through bankruptcy or is he just a unit owner?

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Michigan...has what been filed? The units were purchased in 2010 and that paper work has been filed with the County.

Lawyer's Assistant: Has any paperwork been filed?

See above...

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

The new owner now says he purchased the development rights but had previously told us he was not a developer...just purchased the lots as an investment. We are trying to determine if he is liable for dues as a co-owner. Developers are not responsible to pay dues.

Submitted: 9 months ago.Category: Real Estate Law
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Customer reply replied 9 months ago
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Answered in 49 minutes by:
9/26/2017
Real Estate Lawyer: Michael Bradley,
 replied 9 months ago
Michael Bradley
Category: Real Estate Law
Satisfied Customers: 1,455
Experience: Owner at The Protection Group LLC
Verified

In my opinion he is the owner of the lots only and not as a developer unless he purchased those rights as well

as such, he is liable for dues as a co-owner until he sells the lots or builds a house on the lot

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Customer reply replied 9 months ago
Do those rights typically follow the bankruptcy?
Real Estate Lawyer: Michael Bradley,
 replied 9 months ago

they normally need to be specifically listed as developer rights or they are simple owners of the lots and have the right to develop them or sell them off for someone else to develop

I am guessing he got them real cheap since they were through a bankruptcy

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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