Rent vs Buy in Austin>Question Details

Shawn, Other/Just Looking in 78730

On an apartment conversion what percent needs to be owner occupied for them to inforce their own rules?

Asked by Shawn, 78730 Tue May 26, 2009

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2
Shawn,

You need to check the HOA documents. It will be clearly laid out in this documents when the HOA will take over from the developer.

This is a great question....and an important one. We've seen some real issues lately where for example where developer goes bankrupt and quits paying their portion of HOA expenses, leaving a real mess for the other residents. Perhaps less likely in a apt conversion, but a very tough situation for homeowners in a master planned development.
Web Reference: http://www.teamlynn.com
0 votes Thank Flag Link Tue May 26, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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depends on the HOA. Its clearly written in the documents. Most of them start at 75%
0 votes Thank Flag Link Tue May 26, 2009
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