Q: The company that manages my condo is holding up a sale. Do we have a legal standing?
I own a condo I am trying to sell. The property management company is showing a negative budget which is holding up the sale. Do I have any legal standing?
A:
Standing to do what? Why would a management company's budget 'hold up' your sale? Are you in some way liable for the condo association's debts? How did that happen?
WAY more information is needed to determine what if anything you can and should do. You need to bring all the relevant paperwork including a statement of WHY some third party's 'budget' should impact your sale (I assume this is something the Title Company is requiring?) to a local real estate attorney to review. Without seeing all the documents it is impossible to provide any useful information!
-- This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship.
I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice
A: No, sorry, but you don't. The buyer of your property has the right under Michigan law to review the association's financial status and by-laws. If they are unhappy with the association's records, they can walk away. Otherwise, absent any other outstanding sale contingencies, the buyer should proceed to close.
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