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Statutes don't deny condo investors board service
By Richard White, Special to the Times
Published June 30, 2007
Q: Our condo association is about 50 percent investors/tenants, 50 percent owner-occupied. Some of our investors want to run for the board, but they have been threatened with lawsuits if they are elected and then buy or sell units. One past board member has already been sued because she sold her unit while on the board. Is it illegal to buy or sell units while you serve on the board? A: What a waste of time and money. Investors are owners with the same rights as any other owner. Of course they can buy and sell units while they serve on the board. Your documents may have restrictions about who can serve on the board, but the statutes list only one requirement. See FS 617.0802, which says that a person must be 18 years of age or older to serve as a director. Ownership is not a requirement. Neither is residency. Investor owners have as much to gain or lose financially as do resident owners. Some of them are very knowledgeable about operations and business practices, which could be useful to the association if they are elected to the board. Look to the future Q: Our president authorized the management company to lend $1, 000 to an employee, who is to pay back the loan at $50 per month. The president says that if the employee defaults, he'll cover the loan. Is this legal? I do not pay maintenance to provide private loans. A: Review your documents, probably in the articles, to see whether the board has the right to lend money. Usually lending money creates problems. I suggest you evaluate the situation I can understand the president wanting to retain a valued employee and put limitations on lending in the future. Time to pay up Q: Every time my homeowners association has a special project, they ask us for extra money. I refused to pay a special assessment, and they turned me over to a collection agency. A: Pay the amount due immediately. The board has the right to assess the funds necessary to maintain and operate the association, and you're obliged to pay. Richard White is a licensed community associations manager. Write to him c/o Community Living, St. Petersburg Times, P.O. Box 1121, St. Petersburg, FL 33731. Sorry, he can't take phone calls or provide personal replies by mail, but you can e-mail him at CAMquestions@cfl.rr.com. Please include your name and city.
[Last modified June 29, 2007, 11:08:50]
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