Q: Can I sue a property developer over lost income and property devaluation?
The developer of my condohotel building retained control over all amenities. We pay a percent to use them and a percent of desk employee salaries. He shut down the pool, gym, parking garage and fired employees saying we owe him a million as well as wants the percent increased. This has gone on over a year, the board has spent 600k in legal fees with no result other than he was to repair garage which he didn't do. Most of us rent these as str and got few reservations and very reduced rates for those we got due to no amenities. We paid a total of 5 million in assessments to fix the pool and seawall destroyed by Hurricane then not allowed to use pool and seawall not fixed. The board isn't providing any accounting of where this 5 million in assessments, 3,9 million in dues paid last year or 2 million from insurance went but say there's nothing in reserve. Property values have plummeted as no one wants to buy a unit w these problems and no amenities. What is my best recourse?
A: You need to hire a community association lawyer to review your Declaration of Condominium, Articles of Incorporation and Bylaws.After a review of these documents a lawyer will be able to tell you if you have a case. You should also submit a certified letter, return receipt requesting to inspect the official records. The Association has 10 business days from the receipt of your letter to give you access to the records. You can then make copies of the financials because you will need them and you will need to hire an auditor to review them. You will also need these for the consultation with the lawyer you consult with.
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