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 Dear George: My husband and were the first ones to move into a newly constructed condo development. We've lived here for six months and just received notice that the builder will lease the units rather than continue to sell them. The complex is only about 33% occupied. He offered to buy our unit back at the purchase price. We have a homeowners association. Can a builder make this decision without consulting the owners? The HOA documents say it takes a majority of owners to dissolve the association.
Answer: The "declarant" of a condominium association (builder, developer, or some other entity) typically has controlling interest of the association's vote until a benchmark established by the condominium documents as to the number of owners has been reached. Condominium documents consist of the condominium declaration, the bylaws of the association, and any rules of the association. The benchmark might be 100% of the units sold, 80% of the units are sold, or some other number set by the builder. Until that benchmark is achieved, the declarant can exercise ownership rights. The declarant in your case owns 67% of the units. If the declarant's letter to you stated that it was going to dissolve the HOA and the condominium declaration states that a majority of the owners can legally dissolve it, then it appears that you have a good offer provided you can recover your actual costs associated with your purchase. There is another, more practical way to look at this: You got a good deal. The developer probably didn't have to offer to buy back your unit unless it was specified in the documents. Either way, you should be thankful.
Dear George: We signed a lease but got cold feet right before it went into effect. We asked to terminate the commitment, but the landlord refused to pay back our security deposit and first month's rent. Can we still move in?
Answer: Yes. The landlord did not grant your request to terminate the contract. The lease has not changed just because you asked if you could change it.
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| Dear George: In order to get a discounted purchase price on the new home I want to buy, I must obtain a mortgage loan from the builder's preferred mortgage company. I called the Federal Trade Commission and researched my local Better Business Bureau, but found nothing about this company. Who regulates mortgage companies and can tell me about the builder's lender of choice?
Answer: The Texas Department of Savings and Mortgage Lending regulates mortgage companies and registers mortgage bankers. As far as reputations go, if a mortgage lender has a clean record with the TDSML and has no unresolved complaints with the BBB, asking the mortgage firm to supply you with a list of references is about the only way to feel comfortable with using that mortgage company. Otherwise, forego the discount and use a mortgage company with which you feel comfortable.
Dear George: A house is listed on my REALTOR®'s multiple listing service Web site as a three-bedroom. While touring it, I realized that the third bedroom is really the formal living room. The current owner, another real estate agent, has a bed in it, but the room has no closet and is not a bedroom. What constitutes a bedroom for real estate listing purposes? Shouldn't the house more accruately be listed as a two/three bedroom as I've seen elsewhere?
Answer: Technically, a bedroom is just a room in which to sleep. Usually, however, a bedroom normally has a closet, although there is no such requirement. A bedroom normally has either a full bath or easy access to a full bath. The days of a five-bedroom house with one full bath are pretty much gone. You are correct in that this home appears that it would be more properly described as having two/three bedrooms. MLSs across the state require REALTORS® to input different information. Talk to your REALTOR® about what you feel is an error in the listing of this home. Perhaps you also want to contact the director of the MLS your REALTOR® uses to discuss how such a home could be better listed. |
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