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"Ask the Expert"
Q. Our condo is under a sales contract, pending loan approval for the buyer. However, the buyer is having issues getting financing because our owner occupancy rate is 48% or so. Since a majority of owners are now renting, it's going to be impossible to amend by-laws for leasing restrictions, since that requires a full vote.
Q. The developer informed us in March 2010 that he would be turning the association over to the owners. We held a meeting and signed the petition to divide. The association found out in November 2010 that the lawyer did not file the petition until October 2010. We also found out that there is a $100,000 tax lien against the property which is a problem for those trying to refinance and sell.
Q. I just purchased a condo in a small association. I went to change the utilities and was told we have a tax id number. I called the IRS and they can't find it.