Quote:
Originally Posted by URY914
^^^ So basically they should be thankful that they're alive but they're SOL if they survived. It proves how close we all are to life changing danger or death without us realizing it.
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I think it goes without saying they should all be thankful they are alive. Yes some will be SOL. Tenants and gusts will have recourse against owners and the association. Some owners may have recourse against the association/board depending on if the board acted in accordance with FL condominium law and the master deed and by-laws. They
may not be completely SOL. There is still value in the land and they are still legal owners. We don't know how this whole thing is going to play out yet. But one option may be the association votes to sell the property and those people and estates get their respective percentage. Another may be they vote to rebuild? They get a unit?
What has been repeatedly misstated in this thread is the hiring of the "association". The unit owners are the association. The owners then in accordance with the condominium documents elect the board of directors. The board is elected to run/manage the property in accordance with FL condo law and the master deed and by-laws. If the board did not follow FL law and the MD/BL there could be some recourse through Directors and Officers coverage.
One post further back indicates the board did call a meeting regarding a special assessment for repairs and the owners voted it down. Several board members resigned as a result. If this is accurate this is where owners will be SOL for sure. They won't even be able to sue the board. Well they will sue but unlikely they will prevail.
But the lawyers will make money.
Yes we all are that close in many ways. Could be a bank failure, the stock market collapse. Heck the insolvency of an insurance company even if the loss is covered (Hurricanes Andrew and Sandy). A pandemic caused by China, there are all sorts of thigs. Everything has risk there are no guarantees in life.