Properties foreclosed on by Associations require the approval of 75% of the voting interests BEFORE improvements can be made to make the unit habitable to rent.
FLORIDA, USA, October 8, 2019 /EINPresswire.com/ — PROPERTY RECEIVER SERVICES offers a solution to a potential problem when dealing with Association Foreclosed Properties. Properties foreclosed on by Associations require the approval of 75% of the voting interests BEFORE improvements can be made to make the property habitable to rent. This can often prove difficult, if not impossible, leaving the Association with a deteriorating, cost-consuming headache.
Florida Statute §718.113(2), clarifies that approval of 75% of the voting interests must be obtained before a material alteration or substantial addition to a condominium property is commenced, unless the condominium’s declaration provides otherwise. This restriction applies to condominium associations existing on July 1, 2018.
PROPERTY RECEIVER SERVICES offers a No-Cost program to the Associations for their Association owned properties. PROPERTY RECEIVER SERVICES will rehab and maintain the properties at their expense and rent the properties to pay the Association monthly assessments.
PROPERTY RECEIVER SERVICES allows the Association to foreclose on delinquent properties and not worry about how to pay for the rehabilitation and maintenance required to make it habitable.
For more information, visit our website at www.PropertyReceiverServices.com or contact PROPERTY RECEIVER SERVICES by phone at (321) 216-2202.
Source: EIN Presswire