Hi all...hoping you can help.
We recently received notice that our condo board had received the deed to a parking spot. I am not sure whether someone defaulted on tax payments or could not produce the paperwork that demonstrated ownership, or even whether the board used building funds to purchase the spot. I have a few questions:
Is it possible for a condo board to get ownership of a lot and then sell it (funds of course to go to the reserve)?
Would the board actually have had to purchase it from someone and if it used building funds, would it need to let the condo owners know that it had
The condo board has invited owners to purchased the spot (quite small) assessed in the real estate market at 45K (but the city appraisal is far less). I suppose that is fair, but wouldn't it seem more feasible to offer it at a lower rate for existing owners? The original purchase price of the lots (10 years ago) was 5K.
If no one purchases from the building, they want to sell publicly. What are the implications for the building if that occurs...for example, insurance concerns, someone who purchases the spot to lease indefinitely to a stream of people, etc.
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