QUESTION

We need help.

Asked on Jun 18th, 2020 on Condominium Law - Florida
More details to this question:
We are a group of 32 condo unit owners. The 60 acre property is platted for 14 buildings with 16 units per building. Only 2 have been built. There is a clubhouse. The developer (Deltona Corp - aka Tony Gramm in Belgium) wants out and is about to turnover the COA to us. Until 1/1/20, Deltona did not require COA fees and funded everything. Their "budget" did not include a number of items paid directly by Deltona (financial services, property management, etc) for which we will be expected to pay at turnover in addition to other mandated costs. The units run about $160K and our current COA fees of $321/unit per month is grossly inadequate to cover the essential costs. We are in trouble. We have only one member on the BOD and no access to funds, of course, other than private monies which two of us are going to have to pay. I repeat, we are in trouble. We believe Deltona failed in its fiduciary responsibility to run the COA - underfunding repairs and maintenance. Help
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1 ANSWER

Commercial Litigation Attorney serving Fort Lauderdale, FL
Partner at Omid John, P.A.
1 Award
Hi Sandra, There are a number of requirements developers must meet before transitioning over into a Condominium Association. When a developer fails to abide by certain requirements, the filing of a lawsuit by the collective unit owners may be beneficial. Feel free to contact me with any specific questions. 
Answered on Jul 16th, 2020 at 4:15 PM

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