Posted by Penny on June 25, 2007 at 08:17:37:
Thanks for the suggestions - maybe I should also include a timeframe of how long they have to make a decision after submittal as well as how long they have to notify the results. Association board meetings can push agenda items to the next meetings, if they feel like it and I would expect decisions to be timely.
Office condo association bylaws - Posted by Penny
Posted by Penny on June 16, 2007 at 09:48:06:
I’m looking at purchasing a unit or two in a 6 unit office building set up as office condos. New building, well constructed, good location, demographics, reasonable price, etc.
Only one unit has been sold so far. Two catches - the developer wants to approve the interior build out plans for every unit sold and I’m told the bylaws require association approval of tenants.
I don’t have a problem with negotiating specific criteria to satisfy both my requirements and the builders intent to reach a deal, as maintaining building quality isn’t a bad thing.
So assuming I can negotiate past the interior approval, has anyone else encountered professional building associations where association approval is required to approve each tenant? I thought there was usually rules on the types of businesses and the percentages of rental versus owner, but not usually approval of each tenant. I would expect criteria to be met, instead.
Can I make an offer contingent on bylaw changes (will know more details once I receive a copy)?
Thoughts and experiences are greatly appreciated.
Re: Office condo association bylaws - Posted by dealmaker
Posted by dealmaker on June 16, 2007 at 14:03:40:
Well you’re going to have between 16%-32% of the votes for the board, so that gives you some stroke.
In anything like this I always insert a phrase I learned (actually pretty cheaply) from an attorney that did some work for me: “said approval not to be withheld unreasonably”
dealmaker
Re: Office condo association bylaws - Posted by BTI
Posted by BTI on June 24, 2007 at 10:20:27:
Dealmaker
Like your phrase but would add, “and in the event of any disapproval, the disapproving party shall provide the reasons for said disapproval, in writing, to all affected parties withing 10 days. or any disapprovals shall be automatically revoked and it shall be deemed that for all intents and purposes that approval has been granted.”
Or something along those lines. I would want their reasons to be in writing, in case I were to pursue of a lawsuit later.
BTI