However there are also active adult communities that function under what is known as the 80/20 rule. This states that at least 80% of owners must be 55 or older, and that up to 20% may be younger.
There is a another "however" that goes along with this rule. There are some active adult communities that interpret the 80/20 rule in the following manner: if, for example, a 55+ owner dies and leaves a condo to someone who is less than 55, that person may keep the condo. However, their interpretation does not allow for purchase by anyone under 55.
So go figure...
You may want to consult a real estate attorney, along with the condo board, to see if it is possible for your corporation to purchase a condo or to have ownership transferred to it in this community.
Or, you may want to purchase a condo in an all-age community and avoid the headache altogether.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions