S.Y. from outside of Connecticut writes: Dear Mister Condo, Our condo board discriminates against unit owners who want to list their unit for sale outside the condo realtor. If you list with the condo’s realtor, the realtors commission of 6% is paid from the condo’s 10% “marketing fee” levied when a unit sells. If you…
Tag: Selling
Condo Lawsuit Revelation Shouldn’t Cause Issue for Selling Owner
J.P. from New York writes: Dear Mister Condo, I am planning to sell my condo soon. One of my fellow owners is deeply behind on HOA fees. There’s a law suit pending. I’m told this could hold up my selling. I’m in Brooklyn. Any help would be greatly appreciated! Mister Condo replies: J.P., I am…
Timing of Special Assessment Hampers Condo Unit Sale
W.L. from outside of Connecticut writes: Dear Mister Condo, My condo is under contract and set to close very soon. I just received a notice about a week ago of a meeting of the owners to approve/disapprove an assessment of $750,000 ($7,500/unit). I immediately notified the buyer’s agent and invited the buyer to attend the…
Forcing a Unit Owner to Sell to Make Association Fannie Mae Compliant
M.B. from Southern California writes: Dear Mister Condo, There are 51 units in my building in Southern California. I am aware of a Fannie Mae Guideline that states that no one owner can own more than 10% of the units. In my building, there is an owner who owns 13 units which is 25%+. Because…