Condo Owners In Multiple States Can Be Forced To Sell Their Homes
In at least 12 states, including Arizona, Alabama, Texas, and Pennsylvania, an outdated law can force people to sell their condominiums even if they don't want to.
Condo owners have been surprised by a secret law that could take away their homes. This law, implemented in Texas, allows the legal sale of a condo complex as a whole as long as it has over 80 percent of the owner’s permission to do so. Every condo gets a vote in the sales process, with some condos receiving a more significant vote depending on their size. Once the complex is sold, anyone who still has objections or does not want to sell will still have to give up their property.
Some people still support this dated law, stating that it makes financial sense for some owners, especially when living in an aging building with no extra income for repairs. These types of owners can receive great benefits from the sale of their condos. But many condo owners are still unaware that this law even exists, even after purchasing a condo in a complex.
A condo is an apartment with shared living facilities like common areas and outdoor cooking areas, which can complicate ownership. Within the complex, there are utilities that all the owners share, such as a communal laundry room and shared swimming pool. To keep these areas in good shape, each owner pays a monthly fee for the upkeep.
In the 1960s, condos gained popularity steadily, which meant that laws needed to be implemented to regulate them. Historically, a law was in place that 100 percent of owners had to agree to sell their complex. But in 1993, that was overhauled to the reduced number of 80 percent.
While this may be controversial in modern times, people need to understand what they are buying by reading the fine print. Anyone that purchases a condo will be given all the necessary legal documentation, but hardly anyone reads them.
A clause that reduces people’s rights over their property doesn’t seem like something that would happen in places like Texas. Still, it backs the majority interest and local business rather than one person’s feelings, which may be harsh but true.
Over the last 20 years, properties have increased rapidly, so alternative living, like buying a condo, has become more popular. Across the country, condos are cheaper than single-family homes, sometimes even by 10 to 20 percent. But for the reduced price, a lot of the time, the apartment will be smaller and without a garden.
This law about selling condos has been implemented in at least twelve states, including Arizona, Alabama, and Pennsylvania, to name a few. But last year, some states started to rethink these outdated laws, and in Arizona, they amended the law and increased the percentage from 80 to 95 percent.
While it seems like it is unfair to push a person or family out of their house when they have bought it fair and square but if you have entered a contract and know that it could be a possibility, then it is something that people have to live with. Or worse, if you haven’t read it and still signed the contract, well, then it is your own fault.
