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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Bruce Lynn’s answer

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.
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0 votes Thank Flag Link Tue May 26, 2009
Bruce Lynn, Real Estate Pro in Coppell, TX
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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