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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: 10 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 10 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 10 months ago
but I do not see the answer to my question.
Real Estate Lawyer: Legal Expert Justin, Lawyer replied 10 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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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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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