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NAR News (National Association of Realtors / 전미 부동산 중개인 협회)

(마이애미부동산) Real estate Q&A: Condo rules will dictate profit division from sale – Florida Realtor News (마이애미부동산)

(마이애미부동산)

FORT LAUDERDALE, Fla. – April 14, 2014 – Question: A family member of mine lives in an eight-unit condominium. A developer has offered to buy the building, and it was our expectation that the owners would split the money evenly because all the units are the same size. But some of the owners say they deserve a larger share because they’ve renovated their units. What does the law say about this? – Anonymous

Answer: As with most questions related to condominiums, the first step is to check the condo documents to see what they say on the subject. Deals to terminate the condo and sell to a developer generally must be approved by 80 or 90 percent of the owners. Also, any mortgage lenders that will not be paid off in full need to approve the transfer.

The method of calculating each unit’s share may also be in the condo documents. If not, the owners will need to agree to share the money based on size of the units or fair market value. A simple solution might be to check with an appraiser to see how much a renovation increased the fair market value of a particular unit. Values typically are determined by location and size – so a renovation may not make much of a difference, leaving nothing for the owners to argue about.

About the writer: Gary M. Singer is a Florida attorney and board-certified as an expert in real estate law by the Florida Bar. He is the chairperson of the Real Estate Section of the Broward County Bar Association and is an adjunct professor for the Nova Southeastern University Paralegal Studies program.

The information and materials in this column are provided for general informational purposes only and are not intended to be legal advice. No attorney-client relationship is formed. Nothing in this column is intended to substitute for the advice of an attorney, especially an attorney licensed in your jurisdiction.

Copyright © 2014 Sun Sentinel, Gary M. Singer. Distributed by MCT Information Services.

(마이애미부동산)

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About jennyformiamihome

성심껏 도와드리겠습니다. 연락주시면 바로 상세히 답변드립니다. Jenny Shin / 신정미 부동산 (Broker's Real Estate) 남부 플로리다 마이애미 지역 한인 부동산 주택매매 렌트 싱글하우스 타운하우스 콘도 브라워드 카운티 마이애미 데이드 카운티 포트로더데일 웨스턴 코랄스프링 도랄 Rent or Buy single house, town house and Condo Miami Dade County / Broward County, fort lauderdale, coral springs, copper city, weston, doral 2225 N. Commerce Pkwy #9 Weston, FL. 33326 Direct : 954-551-0236 Office : 954-384-1616 Fax : 954-697-0447 E-mail : jenny_shin62@hotmail.com

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JENNY SHIN PROFILE


Jenny Shin / 신정미 부동산
(Broker's Real Estate)
2225 N. Commerce Pkwy #9
Weston FL 33326
Direct : 954-551-0236
Office : 954-384-1616
Fax : 954-697-0447
E-mail : jenny_shin62@hotmail.com

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