Legal Question in Real Estate Law in Georgia

Condo Sell-Out Developver wants land to resell.

We are a condo association in Buckhead, Atlanta GA, 48 Units on 3.46 acres in central Buckhead. All but two condo assoc and us in this large Buckhead area have sold out in the ''good maket.'' New Brownstones, etc are selling $1Mill+. Five owners here do not want to sell at low price. Can developer buy one unit at the time and get control of condo board and vote to ''change'' bylaws (75%) and even dissolve corporation (80%)? If yes, where does that leave the me? What should I do before and after? I am 72 yrs old in congestive heart failure and live on SSA. I can't afford to sell and my heart doctor and heart surgeon advise against it. Thank you very, very much!


Asked on 10/06/07, 5:16 pm

1 Answer from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

Re: Condo Sell-Out Developver wants land to resell.

Read your agreements. Do they limit ownership or board participation to non-developers? Do they prohibit owners from selling to developers? That would be unlikely, but you can pay a real estate lawyer to review them. Your questions about where that leaves you, or what you choose to do, cannot be answered here as it is pure speculation and personal choice. Maybe it leaves you as the last person standing, and able to command more money.

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Answered on 10/06/07, 5:51 pm


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