buying real estate with hoa money
My association wants to over pay for a medical building that is set up for rehab and take out all rooms and baths to essentially turn it into commercial space which is a lot cheaper because it is near our footprint. They say they only need a simple majority, but a few months ago, they wanted us to vote on increasing our capital contribution fee and they needed a 2/3 majority. Why the difference? The cap improvement fee is what is known as a buy in and paid upon sale typically buy a Buyer. I cannot find any of this in the documents. Help?
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Marcia,
Send me your CC&R’s and bylaws via the AZHOAtruth@gmail.com e-mail and I’ll look thru your documents and provide you a more informed response. While some CC&R’s do allow the association to acquire additional property very few actually do that. There should be no difference between the funding authorization for a special assessment to repair common property, then a special assessment to acquire additional property.
Dennis