Can a portion of the common elements in a condo be carved out to form a cooperative to allow others to invest in it if all members of assoc. agree?
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Can a portion of the common elements in a condo be carved out to form a cooperative to allow others to invest in it if all members of assoc. agree?
We are a 48 unit condo. We have a large pool and clubhouse. We would like to form coop and offer shares to adjoining condo neighborhood with no pool and clubhouse to fund our roof reserve. Pool originally designed to service that community but it was separated years ago. We can get 100% to agree.
Asked on June 16, 2009 under Real Estate Law, Florida
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I'm not a Florida attorney, and I haven't done much condominium work, but it sounds like it should be possible, if everyone will agree. It might take a fair amount of legal work, though, because the master deed and other documents will all need to be redone, along with paperwork involved in the transaction.
If your association doesn't have a lawyer on retainer, one place to look for a qualified attorney in your area is our website, http://attorneypages.com
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