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  1. #1
    Join Date
    Dec 2009
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    3

    Default Bought a Condo, But There's No Condo Association

    My question involves a condominium located in the State of: Missouri

    We purchased a condo property on a short sale from a real estate investor that was going under. We were betting on the other 3 owners in the building to actually want to be a part of an association for property value, and insurable purposes. Not the case. What options do we have? There are 4 condo units in the building. My unit and the upstairs unit share water and sewer, and because the water heater is in the basement feeding off of my gas line, I assume that the gas is also being shared(should only have one hot water source).

    Please help, as we are unsure of options here, besides renting.

  2. #2
    Join Date
    Sep 2005
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    Default Re: Bought a Condo, But There's No Condo Association

    How is it that there's no condo association?
    Quote Quoting Missouri Statutes, Sec. 448.3-101 - Organization of unit owners' association.
    A unit owners' association shall be organized no later than the date the first unit in the condominium is conveyed. The membership of the association at all times shall consist exclusively of all the unit owners or, following termination of the condominium, of all former unit owners entitled to distributions of proceeds under section 448.2-118, or their heirs, successors, or assigns. The association shall be organized as a profit or not for profit corporation or as an unincorporated association.

  3. #3
    Join Date
    Dec 2009
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    3

    Default Re: Bought a Condo, But There's No Condo Association

    Hmmm, after going to city hall, I found out that the Declaration of Condominium was filed initially for the Condos, and Article 1, Section 1.2.2 (a) says, "The Association and the Executive Board shall be formed not later than the time the conveyance of the first Unit to a Unit Owner other than the Declarant. Initially the Association will be an unincorporated association. The Declarant or a majority of the Unit Owners may incorporate the Association.

    What rights do I have being a member of an unincorporated association? Not sure what this means?

    Does it keep me from refinancing? Thanks for pointing this out.

    R/

    Justin

  4. #4
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    Default Re: Bought a Condo, But There's No Condo Association

    You can read the governing statutes here, starting at Sec. 448.3-101. Given that the other owners aren't willing to join with you on their own, you are likely going to end up needing a lawyer and going to court.

  5. #5
    Join Date
    Dec 2009
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    3

    Default Re: Bought a Condo, But There's No Condo Association

    Thank you. I will read up, and likely be calling my lawyer tomorrow to start the initial stages. Will post any advice or outcomes here.

    R/
    justin

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