Developer Karen is transitioning control of the Roswell Condominium Association to the unit owners. Under the Georgia Condominium Act, when must this transition of control occur for a non-expandable condominium?
Correct Answer
B) When 80% (four-fifths) of the units are sold or three years after the first sale, whichever occurs first
Under O.C.G.A. § 44-3-101, developer control of a non-expandable condominium ends when four-fifths (80%) of the units have been conveyed or three years after the first conveyance, whichever comes first.
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More Ga Community Association Questions
A condominium association charges a transfer fee and a document preparation fee when a unit is sold. Under the Georgia Condominium Act, what standard governs the transfer-related fees an association may charge?
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At the closing of a Georgia condominium unit, what ownership interest does the purchaser receive under the condominium framework?
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- → A buyer is considering purchasing a condominium unit in a Georgia community association. The unit itself is in excellent physical condition with no visible defects. However, the association is currently facing a special assessment for major common-area repairs and is involved in pending litigation with a construction contractor. How should the buyer's agent advise regarding these association-level issues?
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The Midtown Condominium Association board in Atlanta wants to hire a management company. Under Georgia law, what authority does the association board have regarding professional management?
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