Developer still Controls Board after 5 yrs
Is a developer obligated to sell all the units in a condominium? Is there a time limit on how long they can delay selling them? It seems like our condo has been de-converted without owners having any say, because the developer still owns 46% of the units and is just leasing them, with no units even listed for sale anymore. The developer has done this in several developments, so it is a planned pattern. They ensure that some of their employees and/or lawyers hold title to individual units, but when it is the president and CFO and leasing agent for the development corp, there is no arms length and since they control the vote with UF, the other owners have little chance of getting onto the board.
Is there any way to force the developer’s hand, to sell or limit their involvement on the board?