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Does a Condo Board have the right to get a bank loan in the…

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Does a Condo Board have...
Does a Condo Board have the right to get a bank loan in the amount of $183,000 (which is 86% of our annual budget) without a certain percentage of unit owners agreeing?
Submitted: 5 months ago.Category: Real Estate Law
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Answered in 1 minute by:
11/20/2017
Real Estate Lawyer: Legal Expert Justin, Lawyer replied 5 months ago
Legal Expert Justin
Category: Real Estate Law
Satisfied Customers: 236
Experience: Attorney
Verified

Hello! My name is ***** ***** I'll be the Expert assisting you today. Whether or not the Board can do such a thing will depend on the bylaws of your HOA. Have you reviewed them yet?

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Customer reply replied 5 months ago
but I do not see the answer to my question.
Real Estate Lawyer: Legal Expert Justin, Lawyer replied 5 months ago

Have you confronted any Board members about this yet? What was their response?

There must be some written authority somewhere that allows the Board to make expenditures in relation to the management of the units. What was this loan for?

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