Quote:
Originally Posted by Cecil Terwilliger
Yeah the “apartments” are still condos, the owners just rented them out to tenants. Condo is a type of property ownership. But we tend to use condo vs apartment in casual speak to denote own vs rent when that’s not really what it means. Not technically.
Owners of units in all four buildings would have to pay the assessment, regardless of whether they were owner occupied or rentals.
The only time this would ever not apply is when the entire development is owned by a rental company like Boardwalk or Quadreal and the like. Then they own all the units and would be responsible as a corporation for the improvements/repairs.
I guess it’s conceivable that the two rental buildings were owned by the management group and they decided to just not special assess their own units and collect the entire amount from the owners of the other two buildings to repair all four buildings but that sounds very illegal.
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Yeah, special assessments have to be done by unit factor. You can't just decide to to only assess half the units.