Updated over 1 year ago on . Most recent reply
How do HOA transition on complete sale of units
I am considering purchasing a investment property to get some monthly cash flow from rent. It is one unit in a condominium complex. The complex has 5/6 buildings each with 3-4 units. I think most of them will be used as rental property. While going through the HOA document I saw that the HOA secretary and president are from the company that purchased the complex from the original developer. As this company is selling the unsold units , I am wondering what would happen to the HOA once they are done with all their sales ? Will new board members/president or secretary be selected from the new condo owners? I am also concerned that at that point new HOA might have to raise the fees significantly or charge lumpsum to the condo owners based on something that might come up. Any insight into this or how to do due diligence around this?