Home Buying in 05401>Question Details

Tupis1, Home Owner in 05401

Can a three unit condo association dissolve?

Asked by Tupis1, 05401 Sun Mar 18, 2012

We pay no dues. We share a driveway and a water meter. The owners would like to dissolve the association to save money on insurance . It would make them easier to sell. The units are town houses next to each other.

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The problem you may then have is if the property is zoned for 3 condos it then becomes a 3 family home as they are attached, your rights as an owner are protected by the association, you would lose that. No matter what you have to insure the common area such as common walls, common roof etc. You should speak with an attorney becuase I think you would be hurting yourself more than helping
0 votes Thank Flag Link Wed Sep 12, 2012
Your condo documents should have a provision for dissolving the condominium. Read through them, then consult with an attorney.
0 votes Thank Flag Link Mon Mar 19, 2012
This is a question for an attorney; there are several forms of co-ownership. If you share an undivided interest in the land or if you own your footprint, a lender would most likely want to have an association in place. Amendments to your association documents are possible if you all agree to make some changes. Please call us if we can assist with your marketing; it is a great time to sell and buy!
0 votes Thank Flag Link Mon Mar 19, 2012
It depends on your local regulations, but most likely you cannot dissolve your association (check with a local real estate attorney). The problem you would have without an association is who pays for a new roof when you need it, who takes care of the yard and driveway maintenance, What happens if someone doesn't pay their share of the water bill, etc.

Obviously this is going to be a problem anyway, since you aren't paying dues and keeping a reserve fund. However, at least with the an association in place, what happens should be in writing somewhere.

You may have difficulty selling either way, because banks have gotten extremely picky on lending on this sort of property. I would recommend talking to a lender and asking them what would it would take to make this property easier to lend on, and follow their advice. Implementing condo fees and starting a reserve fund is probably a good idea.
0 votes Thank Flag Link Sun Mar 18, 2012
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