RESOLUTION FOR DISTRESSED CONDOMINIUM ASSOCIATIONS
While many of the co-ops, condos, and HOAs struggle to stay solvent during recessions, the truth is that regardless of the overall economic climate, there will always be buildings and associations that fall on hard times, or find themselves in financial distress.
In most residential condominiums, the owners of the individual units will be members of a private condominium association, one responsible for maintenance, repairs, security and other matters related to keeping the building livable. More often than not, the collection of assessments and dues is the “life blood” of an efficiently run condominium association.
When you have distressed associations, the effects are far reaching; for sellers who are forced to sell their property at a loss, for other owners in the building who suffer from property devaluation and increased shared cost burdens, and for the community as a whole, which can’t attract new owner occupant residents to diversify and improve the income base, which would stabilize and help grow the local economy.
Many problems such as, Absentee Ownership, Excessive Utilities, Need for Capital Improvements, Failure of Insurance, diminution of investment values, Loan Defaults, Foreclosure, etc. has caused many condominium associations to either fail or look for other alternatives to save or recoup their investments. These were just a few of the problems we solved for the Lynnhill Condominiums in Temple Hills, Maryland when helped turn a property subject to condemnation into a $17 Million dollar recovery for all unit owners.
The Johnson Law Group, LLC has successfully developed the Distressed Condominium Property practice group whereby we prepare condominium associations to be fully compliant and eligible for the sale of its real property. The group focuses upon reducing potential litigation through compliance with the law, release of all liens and delivery of the property to the new purchaser “Free and clear of all liens.”
In the process, the Condominium Association and its individual unit owners can realize and maximize the value of the real property. The technique has been successfully employed to salvage the Lynnhill Condominium Association in Temple Hills, Maryland. https://dcw50.com/2018/04/03/troubled-condemned-condo-complex-in-temple-hills-sold-for-17-million/
YOUR LEGAL CARE TEAM
WE SPECIALIZE IN
CONDOMINIUM ASSOCIATION REORGANIZATION
MASS TORTS & PERSONAL INJURY
WRONGFUL DEATH LITIGATION